Bellevue-Based Smartsheet Raises $150 Million in IPO
Smartsheet, a Bellevue-based company that creates cloud-based software for teamwork and project management, raised $150 million in its initial public offering. Its 11,633,920 shares of Class A common stock were set to be priced at $15 per share on the first day of trading, April 27.
However, the company’s stock opened at a few dollars more per share, around $18.40, and closed at $19.50. Ten million of the shares come from the company itself. The rest are from a number of selling shareholders.
Smartsheet’s stock is trading on the New York Stock Exchange under the symbol “SMAR.”
The software company announced its intent to go public back in March. Its IPO filing stated, “Our founders developed Smartsheet to be the universal answer to which all email and spreadsheet users could graduate because of its spreadsheet-like user interface and email-integrated design.”
Smartsheet has been on an upward trajectory for years. Last May, the company announced it had received $52.1 million in funding, bringing its total investments at that time to over $120 million. For the last five years, the company’s revenue has increased by more than 60 percent year-over-year.
Source: 425 Business