Smartsheet has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. No pricing details were given in the filing, but the offering is valued up to $100 million, although this number is normally just a placeholder. 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 Capital Markets, Canaccord Genuity, William Blair and SunTrust Robinson Humphrey.
This company enables teams to get work done fast and efficiently. It 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, relied on Smartsheet to implement, manage and automate processes across a broad array of departments and use cases.
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 company described its finances as follows:
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.