Public Markets

Upwork Sets $10 To $12 IPO Price Range, Indicating $1B+ Valuation

Morning Report: Upwork has set a price range for its IPO, giving us a look at what the firm may be worth when it debuts.

After filing earlier this month, Upwork released a new SEC filing today, indicating that will pursue a $10 to $12 per-share price range during its IPO.

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Upwork intends to list on the Nasdaq with the ticker symbol “UPWK.”

The company, best known as the merger of Elance and oDesk, is a large player in the freelancing space. The firm raised $168.8 million during its life as a private company, according to Crunchbase.

Upwork intends to sell 6.82 million shares in the IPO itself, alongside 5.45 million shares from existing shareholders. Not including a 1.02 million share greenshoe offering, 12.27 million shares will be sold in sum. Running the math, at $10 it’s a $122.7 million total sale. At $12 per, that figure rises to $147.3 million.

So what is the firm worth? Per its latest S-1 filing, Upwork will have 104,079,498 shares outstanding after its IPO (exclusive of the greenshoe offering). At that share count, the firm would be worth $1.04 billion at $10 per share, and $1.25 billion at $12 per share.

The greenshoe adds $10.2 million and $12.3 million at $10 and $12 per share, respectively.

It will be interesting to see is if Upwork can raise its range before going public. Some recent IPOs have, Eventbrite for example. And when Eventbrite did go public, the firm’s shares immediately went higher. If that same enthusiasm will extend to Upwork shares is unclear.

Illustration: Li-Anne Dias

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