UPDATE 2-Constant Contact IPO raises $107 mln, above range

(Updates with analyst comment)

NEW YORK, Oct 2 (Reuters) - Constant Contact, a provider of Web-based e-mail marketing software, on Tuesday raised $107 million in an initial public offering that priced above a forecast range.

The 6.7 million share offering priced at $16 per share, compared with a forecast range of $12 to $14, according to the company.

The offering price gives the company, which counts small companies and nonprofit organizations as its main client base, an initial market capitalization of about $432 million.

In the six months ended June 30, Constant Contact had revenue of $21 million and a net loss of about $5.5 million. That compared with revenue of $8.5 million, and a loss of about $2.8 million in the first half a year earlier.

"Even though they have a loss, their sales are ramping up," said Scott Sweet, managing partner of IPO research firm IPOboutique.com, who expects the offering to generate strong interest in its market debut on Wednesday.

"Constant Contact has taken specialized marketing from envelope stuffing to a much more efficient and effective way," with its Web-based platform, catching investor interest, he added.

Based in Waltham, Massachusetts, the company plans to use proceeds from the offering largely to fund growth, including development of new products.

Underwriters, led by CIBC World Markets and Thomas Weisel Partners, have the option to purchase an additional 1 million shares to cover overallotments, according to an amended filing with the U.S. Securities and Exchange Commission.

Constant Contact plans to list its shares on Nasdaq under the symbol "CTCT" (CTCT.O: Quote, Profile, Research, Stock Buzz). (Reporting by Lilla Zuill, editing by Tim Dobbyn)