FORTUNE — Last week we wrote that if Marin Software prices its IPO in the middle of its $11-$13 per share price range, it would represent a markdown for venture capitalists who invested $55 million into the company last year. The story was accurate, but may be entirely irrelevant.
Sources tell Fortune that Marin’s IPO is more than 2x oversubscribed, and that it is expected to price above its range. The pricing would occur this evening, with Marin to begin trading tomorrow on the New York Stock Exchange under ticker symbol MRIN. And, given the amount of buy-side interest, it would be surprising to see an early trading pop.
Goldman Sachs (GS) and Deutsche Bank Securities (DB) are serving as lead underwriters for Marin, which provides cloud-based digital ad management solutions.
The company reports a $26.48 million net loss on $59.56 million in revenue for 2012, compared to a $17.42 million net loss on $36.12 million in revenue for 2011. Shareholders include Benchmark Capital (12.6% pre-IPO stake), DAG Ventures (12.4%), Temasek Capital (8.2%), Focus Ventures (4.9%), Crosslink Ventures (4.6%), Triangle Peak Partners and SAP Ventures.
Marin would be just the fifth tech company to go public in 2013, following Model N (MODN), Silver Spring Networks , Xoom and Professional Diversity Network .
UPDATE: Marin priced the offering above its range at $14 per share. It also increased the number of shares offered from 7 million to 7.5 million.
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