Seattle Tech IPO Watch: Avalara, nLight, Smartsheet & More
In recent weeks, a business developing industrial laser technology and another that sells software to help corporate teams collaborate are among the Pacific Northwest companies that have held an initial public offering, or filed paperwork to do so. Let’s get caught up:
—Bellevue, WA-based Smartsheet (NYSE: SMAR), which develops collaborative software allowing users to track projects and manage company processes, raised $150 million in an initial public offering on April 27. Smartsheet’s stock price debuted at $18.40 a share and has since risen to $20.60 per share, giving the company a market capitalization of more than $2 billion.
—Vancouver, WA-based nLight (NASDAQ: LASR), which is developing industrial semiconductor laser technology, raised about $96 million in an IPO held on April 26. Lasers are replacing some of the tools for separating and fusing materials that have long been used in factories across the globe, and consumer electronics are among the products made using nLight’s laser technology, The Oregonian reported. On the day of its IPO, shares in the company debuted at $26.95 each. NLight’s stock price has since increased to $30.06 a share. Its market cap is currently more than $1 billion.
—Docusign (NASDAQ: DOCU), which was formed in Seattle in 2003 and still has offices and hundreds of employees in the city (despite now being based in San Francisco), raised $629 million in its April 27 IPO. The company’s electronic signature technology and document management software is designed to streamline the online contracting process for Docusign’s customers, which are in industries like financial services, insurance, healthcare, and real estate. Shares in the company debuted at $37.75 apiece, and its stock price has since climbed to $45.46 a share. Docusign’s current market cap is more than $6.9 billion.
—Avalara, which is developing software to help its clients ensure they’re paying sales tax when it’s required and are in compliance with other tax regulations, said last Friday that it’s seeking to raise $150 million in a planned IPO. The Seattle-based company, which according to an SEC filing had 1,495 full-time employees at the end of March, plans to trade under the ticker symbol “AVLR.”