Yext has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company intends to price its 10.5 million shares in the range of $8 to $10 per share, with an overallotment option of 1.575 million shares. At the maximum price, the entire offering is valued up to $120.75 million. The company plans to list its shares on the New York Stock Exchange under the symbol YEXT.
The underwriters for the offering are Morgan Stanley, JPMorgan, RBC Capital Markets, Pacific Crest Securities and Piper Jaffray.
This company is a knowledge engine. Its platform lets businesses manage their digital knowledge in the cloud and sync it to over 100 services, including Apple Maps, Bing, Cortana, Facebook, Google, Google Maps, Instagram, Siri and Yelp.
Digital knowledge is the structured information that a business wants to make publicly accessible. For example, in food service, the address, phone number or menu details of a restaurant; in health care, the health insurances accepted by a physician or the precise drop-off point of the emergency room at a hospital campus; or in finance, the ATM locations, retail bank holiday hours or insurance agent biographies.
Intelligent search, which are searches of digital knowledge that combine context and intent, has grown significantly in recent years. Yext’s solution drives commerce by providing real-time digital knowledge that allows consumers to find the businesses and service providers that are most relevant to them.
Yext described its finances in the filing as follows:
For our fiscal years ended January 31, 2015 and 2016, our revenues were $60.0 million and $89.7 million, respectively, our net loss was $17.3 million and $26.5 million, respectively, and our non-GAAP net loss1 was $14.4 million and $22.0 million, respectively. For the nine months ended October 31, 2015 and 2016, our revenues were $64.0 million and $88.6 million and our net loss was $18.2 million and $28.6 million, respectively, and our non-GAAP net loss was $15.2 million and $22.3 million, respectively.
The company intends to use the net proceeds from the offering for working capital, capital expenditures and other general corporate expenses.