SendGrid has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. The company expects to price its 7.7 million shares in the range of $13.50 to $15.50, with an overallotment option for an additional 1.155 million shares. At the maximum price, the entire offering is valued up to $137.25 million. The company intends to list its shares on the New York Stock Exchange under the symbol SEND.
The underwriters for the offering are Morgan Stanley, JPMorgan, William Blair, KeyBanc, Piper Jaffray and Stifel.
This leading digital communication platform enables businesses to engage with their customers via email reliably, effectively and at scale. Its cloud-based platform allows for frictionless adoption and immediate value creation for businesses, providing their developers and marketers with the tools to seamlessly and effectively reach their customers using email. Since inception, it has processed more than a trillion emails.
SendGrid was founded by developers who were frustrated with their own experiences in managing email delivery. They wanted to build a system “that just worked” for developers and allowed them to focus on strategic business activities. They developed a robust technology platform incorporating their domain expertise and created an application programming interface that allowed for easy integration by businesses.
In the filing the company listed some of its financial highlights for 2014, 2015, 2016 and the nine months ended September 30, 2017 as follows:
- Total revenue was $42.8 million, $58.5 million, $79.9 million, and $80.2 million, respectively.
- Net loss was $13.0 million, $5.9 million, $3.9 million, and $4.7 million, respectively.
- Adjusted net income (loss) was $(12.2) million, $(4.5) million, $(1.4) million, and $1.2 million, respectively.
The company intends to use the proceeds from this offering for working capital and general corporate purposes.