Plu­ralSight set for IPO at $15 per share

Viet Nam News - - MARKETS -

BENGALURU — The ini­tial pub­lic of­fer­ing of on­line learn­ing plat­form Plu­ralSight Inc was priced at US$15 per share, sources fa­mil­iar with the mat­ter said yes­ter­day, above a raised range.

The Farm­ing­ton, Utah-based com­pany on Tues­day in­creased its ex­pected IPO price range to be­tween $12 and $14 per share, from the prior $10 to $12 per share range on the back of strong de­mand.

The of­fer­ing was over­sub­scribed more than 20 times, one of the sources said.

The com­pany, which is backed by pri­vate eq­uity firm In­sight Ven­ture Part­ners, is a ‘uni­corn’ - a pri­vately held startup with a val­u­a­tion of $1 bil­lion or more.

The IPO of 20.7 mil­lion Class A shares raised $310.5 mil­lion and the com­pany has said it would largely use the pro­ceeds to pay down debt.

Plu­ralSight pro­vides on­line learn­ing cour­ses and are used by busi­nesses to train their em­ploy­ees in tech­nol­ogy-based skills in­clud­ing JavaScript and HTML. The plat­form can also be ac­cessed pri­vately by in­di­vid­u­als.

The com­pany, whose cus­tomers in­clude Adobe and AT&T Inc, said 82 per cent of billings in the first quar­ter of 2018 came from busi­ness cus­tomers while the rest came from in­di­vid­ual users.

Fol­low­ing the IPO, Co-Founder and Chief Ex­ec­u­tive Of­fi­cer Aaron Skon­nard will hold about 54.4 per cent of vot­ing power, Plu­ralSight had said in its fil­ing.

The com­pany’s rev­enue for the first three months of 2018 rose 33 per cent to $49.6 mil­lion from a year ear­lier, while loss widened to $23.2 mil­lion from $9.8 mil­lion.

The stock is ex­pected to start trad­ing on the Nasdaq Global Se­lect Mar­ket yes­ter­day un­der the ticker “PS.” Mor­gan Stan­ley, J.P.Mor­gan, Bar­clays and BofA Mer­rill Lynch are lead­ing the of­fer­ing. — REUTERS

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