Smartsheet, which provides a spreadsheet-based work collaboration platform, announced terms for its IPO on Monday.
The Bellevue, WA-based company plans to raise $128 million by offering 11.6 million shares (14% insider) at a price range of $10 to $12. At the midpoint of the proposed range, Smartsheet would command a fully diluted market value of $1.2 billion.
Smartsheet was founded in 2005 and booked $111 million in sales for the 12 months ended January 31, 2018. It plans to list on the NYSE under the symbol SMAR. Morgan Stanley, J.P. Morgan, Jefferies and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of April 23, 2018.
