Upwork, a marketplace for businesses to hire and manage remote freelancers, raised the proposed deal size for its upcoming IPO on Monday.
The Mountain View, CA-based company now plans to raise $160 million by offering 12.30 million shares (now 5.48 million insider) at a price range of $12 to $14. The company had previously filed to offer 12.27 million shares (previously 5.45 million insider) at a range of $10 to $12. At the midpoint of the revised range, Upwork will raise 18% more in proceeds than previously anticipated. Dragoneer Investment Group now intends to purchase up to $32 million, up from $27 million, of the IPO (20% of the deal).
Upwork was founded in 1998 And booked $229 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol UPWK. Citi, Jefferies and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of October 1, 2018.
