BlackLine, which provides a cloud-based platform for automating financial reporting, raised the proposed deal size for its upcoming IPO on Thursday.
The Woodland Hills, CA-based company now plans to raise $142 million by offering 8.6 million shares at a price range of $16 to $17. Insiders still intend to purchase 825,000 shares on the IPO (10%). The company had previously filed to offer 8.6 million shares at a range of $13 to $15. At the midpoint of the revised range, BlackLine will raise 18% more in proceeds than previously anticipated.
BlackLine is the latest tech company to increase its range heading into an IPO, following Coupa Software (COUP; +49%), Nutanix (NTNX; +80%) and The Trade Desk (TTD; +57%) over the past month.
BlackLine was founded in 2001 and booked $102 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol BL. Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of October 24, 2016.
