Bandwidth, which provides software APIs with voice and text functionality to enterprises, announced terms for its IPO on Monday.
The Raleigh, NC-based company plans to raise $84 million by offering 4 million shares at a price range of $20 to $22. At the midpoint of the proposed range, Bandwidth would command a fully diluted market value of $423 million.
Bandwidth was founded in 1999 and booked $157 million in sales for the 12 months ended June 30, 2017. It plans to list on the Nasdaq under the symbol BAND. Morgan Stanley, KeyBanc Capital Markets and Baird are the joint bookrunners on the deal. It is expected to price during the week of November 6, 2017.
