Enterprise subscription–services provider Zuora raised $154m from its IPO, valuing the company at more than $1.4bn. It follows a 4-year high for US-listed software IPOs in the first quarter.
As a trusted financial platform partner, Dealogic helped each of the bookrunners—Goldman Sachs, Morgan Stanley, Allen & Co, and Jefferies—seamlessly execute the transaction through the DealManager network.
Transaction Details – Zuora
Nationality: United States
Industry: Technology – Software
Deal Value ($m): 154
Deal Type: IPO
Exchange: New York Stock Exchange
Priced: April 11, 2018
Bookrunners: Goldman Sachs, Morgan Stanley, Allen & Co, and Jefferies
Key Points
- Zuora initially filed to raise $100m at $9-$11 per share, but the range increased to $11-$13 and ultimately priced at $14 per share—raising a total of $154m. This is already the third software IPO this year that revised its price range upwards, compared to four IPOs in all of 2017
- Shares posted a 43% gain on its first day of trading, the second highest for US-listed software IPOs in 2018 YTD, and the fourth-highest across all sectors over the same period1
- Zuora is the second software IPO of the year to list on the New York Stock Exchange (NYSE). Full-year 2017 saw a total of 15 software offerings list on NYSE (12 on Nasdaq), making it the most active year for the exchange since 2014 (26 software listings)
3 most recent US-listed software IPOs
- Zuora, $154m | United States | NYSE | 1-day return, 43% | April 2018
- Dropbox, $756m | United States | Nasdaq | 1-day return, 36% | March 2018
- Zscaler, $221m | United States | Nasdaq | 1-day return, 106% | March 2018
Software IPOs in the 180-day US backlog, $100m+
- Pivotal Software, $555m | United States | New York Stock Exchange | Expected April 19, 2018
- Ceridian HCM Holding, $200m | United States | New York Stock Exchange | To be announced
- DocuSign, $100m | United States | Nasdaq | To be announced
- Smartsheet, $100m | United States | NYSE | To be announced
- Carbon Black, $100m | United States | Nasdaq | To be announced
1. For IPOs over $50m only
Data source: Dealogic, as of April 12, 2018