It was a better price than the e-signature company had been expecting. The initially proposed price range was USD 24 to USD 26 and then that was raised to USD 26 to USD 28.
The price gives the company a valuation of USD 4.4 billion on the eve of its public debut, above the USD 3 billion the company had raised for its last private round. The IPO has been a long-time coming. Founded in 2003, DocuSign had raised over USD 500 million over the course of 15 years.
The company brought in USD 518.5 million in revenue for its fiscal year ending in 2018. This is up from USD 381.5 million last year and USD 250.5 million the year before. Losses for this year were USD 52.3 million, down from USD 115.4 million last year and, USD 122.6 million for 2016.
The filing reveals that Sigma Partners is the largest shareholder, owning 12.9% of the company. Ignition Partners owns 11.7% and Frazier Technology Ventures owns 7.2%.
DocuSign, competes HelloSign and Adobe Sign, among others, but has managed to sign up many of the largest enterprises. T-Mobile, Salesforce, Morgan Stanley and Bank of America are amongst its clients. It has a tiered business model, with companies paying more for added services.
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