Zuora, which provides a cloud-based subscription billing and management platform, raised the proposed deal size for its upcoming IPO on Tuesday.
The San Mateo, CA-based company now plans to raise up to $130 million by offering 10 million shares at a price range of $11 to $13, up from an original range of $9 to $11. Insiders intend to purchase $12 million worth of shares in the offering (9%). At the high end of the revised range, Zuora will raise 30% more in proceeds than previously anticipated and command a market value of $1.5 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.
