DocuSign, a San Francisco-based company that provides electronic signature technology, has priced its IPO at $24 to $26 per share.
It plans to offer 16.06 million shares to the public and existing stockholders could sell another 5.6 million shares, however; it wont receive any proceeds from those shares selling.
The maximum amount the company could raise is $648.8m, according to a regulatory filing released by DouSign, should underwriters decide to buy their full allotment of shares. Its desired market cap will be set at about $3.8bn in the middle of that range. The company first filed for its IPO late last month, at the time saying it planned to raise up to $100m.
For the year ending Jan. 31, 2018, DocuSign reported $518.5m in revenue, an increase of 36% over the prior year.
The company has raised more than $515m since it was founded in 2003 having raising more than $300m through its Series F round in 2015. That round, which included the likes of Bain Capital Ventures, Founders Circle Capital, Sands Capital Ventures, Wellington Management, Wasatch Advisors and Iconiq Capital, gave the business a valuation of around $3bn.
DocuSign operates a cloud-based electronic signature platform that helps small- and medium-sized businesses, enterprises, and individuals collect information, automate data workflows, and sign on various devices.
The company’s platform automates manual and paper-based processes that allow users to manage various aspects of documented business transactions, including identity management, authentication, digital signature, forms and data collection, collaboration, and workflow automation and storage. It provides its solutions to a range of industries, including financial services, healthcare, government, insurance, legal, life sciences, technology, non-profit, real estate agents, and higher education, among others.
For financial services the company serves banks and lenders, asset managers and wealth managers.
Copyright © 2018 RegTech Analyst
