Zuora, which provides cloud-based subscription revenue billing and payment solutions, announced terms for its IPO on Monday.
The San Mateo, CA-based company plans to raise $100 million by offering 10 million shares at a price range of $9 to $11. Insiders intend to purchase $12 million worth of shares in the offering. At the midpoint of the proposed range, Zuora would command a fully diluted market value of $1.1 billion.
Zuora was founded in 2006 and booked $168 million in sales for the 12 months ended January 31, 2018. It plans to list on the NYSE under the symbol ZUO. Goldman Sachs, Morgan Stanley, Allen & Company and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of April 9, 2018.
