Bigger billings: Zuora raises IPO range to $11-$13 as expected valuation jumps to $1.5 billion

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Zuora, which provides a cloud-based subscription billing and management platform, raised the proposed deal size for its upcoming IPO on Tuesday.

The San Mateo, CA-based company now plans to raise up to $130 million by offering 10 million shares at a price range of $11 to $13, up from an original range of $9 to $11. Insiders intend to purchase $12 million worth of shares in the offering (9%). At the high end of the revised range, Zuora will raise 30% more in proceeds than previously anticipated and command a market value of $1.5 billion.

Zuora was founded in 2006 and booked $168 million in sales for the 12 months ended January 31, 2018. It plans to list on the NYSE under the symbol ZUO. Goldman Sachs, Morgan Stanley, Allen & Company and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of April 9, 2018.

The article Bigger billings: Zuora raises IPO range to $11-$13 as expected valuation jumps to $1.5 billion originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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