The first enterprise tech IPO of the year raises $221 million, valuing it at $2.9 billion

MuleSoft Ross MasonMuleSoftMuleSoft founder Ross Mason

Mulesoft will go public Friday morning and it just priced at $US17 per, which raises $US221 million for the company, giving it a fully diluted market cap of $US2.9 billion.

Mulesoft will begin trading on the NYSE under the ticker symbol “MULE.”

In its last investment round as a private company in May 2015, Mulesoft held a valuation of about $US1.5 billion, so this IPO represents a significant uptick in its value.

That’s a good sign for Mulesoft. And since Mulesoft is the first enterprise tech company to go public in 2017, it might inspire more companies of a similar stripe to follow suit.

Already, $US1.5 billion security startup Okta filed its own preliminary IPO paperwork earlier this week.

Mulesoft offers a cloud platform for what’s known as “application programming interfaces,” or APIs. These are what allows different apps and technologies to talk to one another. Mulesoft makes it easier for tech products to integrate, work together and share data and information.

The key stats from Mulesoft’s original S-1 filing to go public are:

  • Total revenue for 2016 $US187.7 million, up from $US110.3 million in 2015
  • Gross profit in 2016 of $US138.7 million (before items like R&D, sales and marketing and G & A), up from $US78.1 million in 2015
  • Net loss: -$US49.6 million in 2016, down from -$US65.4 million in 2015.

NOW WATCH: Antarctica’s sky just lit up with electric-blue clouds — here’s why

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.