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Wow, with a quarterly loss of $17MM, and having raised only $100MM, they really NEED this IPO to sustain operations at their current level.

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No they don't. They have a $35M credit line that should get them 12 months. Further, most of their expenses are around Sales and Marketing, and further the increase in their expenses is mostly more head-count (not ad's etc.)

Reducing the sales headcount to last years head-count and they would be profitable by end of year.

Funny. I would have guessed that a profitable company would garner a higher valuation, especially since they don't need money, yet the company is pushing for IPO now.

I wonder why they elected to sell themselves short?

Reducing sales headcount is expected to reduce revenue.

They should be OK thanks to their credit line: http://betaboston.com/news/2014/08/26/hubspot-ipo-cash-short...

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