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DocuSign raises $629m in initial public offering

Friday 27th April, 2018

Electronic signature software company DocuSign Inc. raised $629 million in its initial public offering, the fourth-biggest technology and communications listing in the U.S. this year.


DocuSign priced 21.7 million shares at $29 apiece, above the final marketed range of $26 to $28, the company said in a statement. The company had initially offered the shares for $24 to $26 each. That gives the company a market value of about $4.4 billion.

DocuSign, which was founded 15 years ago, has had a long road to becoming public. Management had been seriously discussing plans for an IPO since at least 2013. Yet the company’s listing trajectory was slowed by a lengthy CEO search and complicated by the conflicting views of its notably large 12-person board and 120 board advisers.

DocuSign has raised more than $450 million in private funding from investors including Microsoft Corp. venture capital firm Kleiner Perkins Caufield & Byers, according to its website.

More than 370,000 companies use DocuSign’s software that helps automate business agreements and e-signatures, according to the filing. The San Francisco-based company posted a net loss of $52 million on $519 million in total revenue for the year ended Jan. 31. In the previous year, it had a net loss of $115 million on total revenue of $382 million.

Morgan Stanley and JPMorgan Chase & Co. are leading the offering. The company will list on the Nasdaq Global Select Market under the symbol DOCU.

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