Bill.com, which provides a SaaS platform that automates billing and back-office processes for SMBs, raised the proposed price range for its upcoming IPO on Tuesday.
The Palo Alto, CA-based company now plans to raise $176 million by offering 8.8 million shares at a range of $19 to $21 to command a market cap of $1.5 billion. The company had previously filed to offer the same number of shares at a range of $16 to $18 to command a $1.3 billion market cap. At the midpoint of the revised range, Bill.com will raise 18% more in proceeds than previously anticipated. Dragoneer Investment Group has expressed interest in purchasing up to 1.5 million shares in the offering.
Bill.com was founded in 2006 and booked $121 million in sales for the 12 months ended September 30, 2019. It plans to list on the NYSE under the symbol BILL. Goldman Sachs, BofA Securities, Jefferies and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price on Wednesday, December 11, 2019.
