Smartsheet, which provides a spreadsheet-based work collaboration platform, raised the proposed deal size for its upcoming IPO on Tuesday.
The Bellevue, WA-based company now plans to raise up to $163 million by offering 11.6 million shares (14% insider) at a price range of $12 to $14. The company had previously proposed a range of $10 to $12. At the high end of the revised range, Smartsheet will raise 27% more in proceeds than the original midpoint and command a fully diluted market value of $1.55 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 later this week.
