DocuSign Closes in on IPO
April 25, 2018 by Chris LangeDocuSign has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company expects to price its 21.7 million shares in the range of $26 to $28 a piece, with an overallotment option for an additional 3.26 million shares. At the maximum price, the entire offering is valued up to $698.74 million. The company intends to list its shares on the Nasdaq under the symbol DOCU.
The underwriters for the offering are Morgan Stanley, JPMorgan, Citigroup, Merrill Lynch, Deutsche Bank, JMP Securities, Piper Jaffray and William Blair.
The company operates a cloud-based platform that enables more than 370,000 companies and hundreds of millions of users to make nearly every agreement, approval process or transaction digital — from practically any device, virtually anywhere in the world, securely. DocuSign boasts that currently, seven of the top 10 global technology companies, 18 of the top 20 global pharmaceutical companies and 10 of the top 15 global financial services companies are DocuSign customers. Since its founding in 2003, customers have completed over 700 million successful transactions on its platform.
Since its inception, the firm has invested more than $300 million in research and development to build its e-signature and agreement automation global platform. The result is a platform that can handle the most demanding customer requirements almost anywhere in the world, deliver over 99.99% availability, provide highly advanced security and offer hundreds of prebuilt partner connectors
The firm described its finances in the filing as follows:
We have experienced rapid growth in recent periods. For the years ended January 31, 2016, 2017 and 2018, our revenue was $250.5 million, $381.5 million and $518.5 million, respectively, representing year-over-year growth of 52% and 36%, respectively. For the years ended January 31, 2016, 2017 and 2018, our net loss was $122.6 million, $115.4 million and $52.3 million, respectively.
DocuSign intends to use the net proceeds from this offering for working capital and other general corporate purposes.
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