Credit: Shutterstock photoDocuSign, which provides a cloud-based electronic signature platform, raised the proposed deal size for its upcoming IPO on Wednesday.
The San Francisco, CA-based company now plans to raise $586 million by offering 21.7 million shares (26% insider) at a price range of $26 to $28. The company had previously filed to offer 21.7 million shares at a range of $24 to $26. At the midpoint of the revised range, DocuSign will raise 8% more in proceeds and will command a fully-diluted market value of $5.0 billion.
DocuSign was founded in 2003 And booked $519 million in sales for the 12 months ended January 31, 2018. It plans to list on the Nasdaq under the symbol DOCU. Morgan Stanley, J.P. Morgan, Citi, BofA Merrill Lynch and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of April 23, 2018.
The article DocuSign increases range by 8% to $26-$28 ahead of tomorrow's IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
