Yext, a tech startup that helps firms manage their listings on directory sites like Yelp, Apple’s Siri, Facebook, Google Maps, and Foursquare, is pricing its forthcoming IPO at between $US8 and $US10 a share.
The company’s updated S-1 filing states that it plans to sell 10.5 million shares of its common stock, raising $US84 million at the bottom of the range or $US105 million at the top end, minus fees.
The company is setting itself a valuation of between $US684 million and as much as $US870 million if shares are priced at the top end and the banks working on the listing exercise an option to issue extra shares.
Yext’s shares will trade on the New York Stock exchange, under the symbol “YEXT”.
Morgan Stanley, JP Morgan, RBC Capital Markets, Pacific Crest Securities, and Piper Jaffray are the underwriters of Yext’s offering.
The company reported revenue of $US124 million in the year to January 31, 2017 — an increase of 38% on the prior year. However, its losses widened from $US26.5 million to $US43.2 million.
Yext was founded in 2006 as an advertising services company and has raised $US117.8 million in funding to date.
The company describes itself in its S1 as a “knowledge engine” that lets businesses manage their digital “knowledge” — such as menus, ATM locations, and retail hours — in the cloud and then sync that information to more than 100 directory services.
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