Coupa Software, which provides cloud-based software that helps enterprises manage their spend, raised the proposed deal size for its upcoming IPO on Tuesday.
The San Mateo, CA-based company now plans to raise $126 million by offering 7.4 million shares at a price range of $16 to $18. The company had previously filed to offer 6.7 million shares at a range of $14 to $16. At the midpoint of the revised range, Coupa Software will raise 25% more in proceeds than previously anticipated.
Technology IPOs have soundly outperformed in 2016, with the average deal up 88% from its offer price. Last week, Nutanix (NTNX) soared 131% on its debut after pricing above the range. Five VC-backed software companies went public in the US in September, four of which priced above the range, and the group averages a first-day pop of 58% and total return from IPO of 55%.
Coupa Software was founded in 2006 And booked $109 million in sales for the 12 months ended July 31, 2016. It plans to list on the Nasdaq under the symbol COUP. Morgan Stanley, J.P. Morgan, Barclays and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of October 3, 2016.
