Morning Report: Heading into formal pricing, both Smartsheet and DocuSign have raised their IPO prices ranges. Let’s explore.
This Friday should bring an IPO doubleheader, with both Smartsheet (cloud-based work tracking) and DocuSign (e-sign and related products) going public. If I am not mistaken, the debuts will be tech’s first daily double since New Relic and Hortonworks both went public on December 14th, 2014.
Keeping to their paired theme, both companies are looking to raise more capital in their flotations than they had previously noted.
Here’s what you need to know:
- DocuSign raised its range from $24 to $26 per share to $26, to $28 per share. That’s 8.3 percent more from lower bound to lower bound, and 7.7 percent from upper bound to upper bound. It shows that the company is happy to trade first-day pop for cash in the bank. (Smart, given the firm’s continued GAAP losses.) (S-1/A here.)
- Smartsheet raised its range from $10 to $12 to $12 to $14 per share. That’s 20 percent more from lower bound to lower bound, and 16.66 percent more from upper bound to upper bound. For more on the company’s financial performance, we’ve got you. (S-1/A here.)
Both companies should price after the bell tomorrow and begin trading on Friday. Of course, we’ll be reporting along the way. Until then, place your bets as both companies are looking to go public during some heavy chop.
From The Crunchbase Daily:
DocuSign, the e-signature unicorn planning a public market debut later this week, has raised its projected price range to between $26 and $28 per share, pegging its probable valuation at over $4 billion.
Sinovation Ventures, the early stage venture firm led by former Google China head Kaifu Lee, has closed on $500 million for its newest fund and is seeking to raise another $400 million in Chinese currency. The firm invests in Chinese and U.S. startups, with a particular focus on AI, edtech and robotics.
Speaking of new fund closings, G2VP, a cleantech growth fund spun out of VC firm Kleiner Perkins, has closed on $298 million. The fund is one of the largest cleantech-focused investment vehicles raised in recent years.
Doctor on Demand, a mobile app providing access to doctors and other healthcare providers, has raised $75 million in a Series C round led by Princeville Global and Goldman Sachs.