It’s another good day for tech IPOs this quarter as DocuSign and Smartsheet both put impressive performances on the board.
DocuSign priced at $29 per share, above its raised, $26 to $28 per-share estimate. The company had previously expected to price between $24 and $26. The company is currently trading for $38.00, up around 31 percent from its offer price.
Smartsheet priced at $15 per share, above its second pricing guess of $12 to $14 per share. As with DocuSign, the company had initially expected a smaller, $10 to $12 share price range for its shares at the time of its public debut. The company is currently trading for $18.57, up just under 24 percent.
The two results may indicate wide appetite for technology shares among public investors. There is certainly money to be found as, per SiliconAngle, DocuSign raised “almost $630 million at a valuation of $4.4 billion” in its IPO, while Smartsheet will raise $174.5 million. (Those sums are inclusive of shares sold by parties other than the companies, and are exclusive of the underwriter’s option.)
That’s a lot of money that is now likely quite happy about early returns.
More on this year’s IPO cadence this week. For now, keep checking the results.
From The Crunchbase Daily:
- It’s time for an IPO double header. E-signature pioneer DocuSign and collaboration software provider Smartsheet both priced shares for their initial stock offerings above their recently increased ranges. DocuSign raised over $600 million in the offering, while SmartSheet brought in $150 million.
- Payments provider Square is acquiring Weebly, a drag-and-drop website builder with a focus on e-commerce, for $365 million in cash and stock. Founded in 2007, San Francisco-based Weebly previously raised about $36 million in venture funding.
- San Francisco is still a major hub for new startups, but seed activity is no longer in high growth mode, a Crunchbase analysis finds. Exits are the area heating up most.
- Move over, Millennials. Fintech startups are increasingly looking for ways to woo Gen Z, the generation born after the mid-1990s that is known for its mobile-first approach to technology.