Sprout Social, which provides a social media management cloud software platform for businesses, announced terms for its IPO on Monday.
The Chicago, IL-based company plans to raise $150 million by offering 8.8 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Sprout Social would command a fully diluted market value of $894 million.
Sprout Social was founded in 2010 and booked $97 million in revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol SPT. Goldman Sachs, Morgan Stanley, KeyBanc Capital Markets and William Blair are the joint bookrunners on the deal. It is expected to price on Thursday, December 12, 2019.
