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Technology

Workiva Sets Terms for IPO

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By Chris Lange Published
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Cloud computing

Workiva Inc. has set its filing terms with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The estimated maximum offering price per share was $15, and a total of 8.28 million shares were registered, including an overallotment option of 1.08 million shares, valuing the total offering at over $124 million. The company will list on the New York Stock Exchange under the symbol WK.

The underwriters for the offering were Morgan Stanley, Baird, Raymond James, Credit Suisse and Stifel.

Workiva has pioneered a cloud-based and mobile-enabled platform for enterprises to collaboratively collect, manage, report and analyze critical business data in real time. The software platform, Wdesk, allows users to integrate and control all of their business data, regardless of format or location, with innovative live-linking technology.

Customers can gain insights based on their trusted data, which enables better real-time decision-making. Additionally, customers deploy these solutions to serve as a single system of record for critical data, to reduce risk and operational costs, and to increase efficiency in business reporting. At the end of September, the company provided solutions to over 2,100 enterprise customers, including more than 60% of both the Fortune 500 and Fortune 100.

Customers include big-name companies such as Philip Morris, Kinder Morgan, Viacom, J.P. Morgan, Eli Lilly, Boeing, Tyco, CenturyLink, Avis Budget Group, Walmart and AR Capital.

ALSO READ: LendingClub Sets Terms for IPO

Workiva has had high revenue growth since the release of its first solution in March 2010. Revenue for 2013 was $85.2 million, with a net loss of $25.8 million, compared to the previous year, which had revenue of $52.9 million and a net loss of $30.4 million. In 2011, Workiva had revenue of $14.9 million and a net loss of $13.6 million. Over this time, the company had a 139.3% compound annual growth rate. For the nine months ended in September, revenue grew 34.1% to $82.6 million from $61.6 million in the previous year, and the net loss grew to $28.4 million from $22.5 million. Approximately 77% of revenue in 2013 was derived from subscription and support fees, with the remainder from professional services.

FULL FILING

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.

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