Smartsheet Closes in on IPO

By Chris Lange Updated Jan 12, 12:34AM EST · Published Apr 24, 1:30PM EDT

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Smartsheet Closes in on IPO — © Thinkstock

Smartsheet has registered an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company intends to price its 11.63 million shares in the range of $12 to $14 a piece, with an overallotment option for an additional 1.75 million shares. At the maximum price, the entire offering is valued up to $187.35 million. The company intends to list its shares on the New York Stock Exchange under the symbol SMAR.

The underwriters for the offering are Morgan Stanley, JPMorgan, Jefferies, RBC, Canaccord Genuity, William Blair and SunTrust Robinson Humphrey.

This company is a leading cloud-based platform for work execution, enabling teams and organizations to plan, capture, manage, automate and report on work at scale, resulting in more efficient processes and better business outcomes.

As of January 31, 2018, over 92,000 customers, including more than 74,000 domain-based customers, 90 companies in the Fortune 100 and two-thirds of the companies in the Fortune 500, with annualized contract values (ACVs), ranging from $99 to $2.3 million per customer, relied on Smartsheet to implement, manage and automate processes across a broad array of departments and use cases.

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Its customers rapidly expand their use of Smartsheet because it is effective. They achieve higher productivity and faster time to market. A commissioned report by Forrester Research demonstrated that organizations using Smartsheet could achieve a return on investment of over 480% over a three-year period.

In the filing, the firm detailed:

We have achieved significant growth in recent periods. For the years ended January 31, 2017 and 2018, our total revenue was $67.0 million and $111.3 million, respectively, representing period-over-period total revenue growth of 66%. For the years ended January 31, 2017 and 2018, our net loss was $15.2 million and $49.1 million, respectively. For the years ended January 31, 2017 and 2018, cash provided by (used in) operations was $0.1 million and ($13.6) million, respectively.

Smartsheet intends to use the net proceeds from this offering for working capital and other general corporate purposes.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.