Company: DocuSign, Inc.
Symbol: DOCU
Description: DocuSign accelerates the process of doing business for companies, and simplifies life for their customers and employees.
Shares: 21.7 million
Price Range: $24.00-$26.00
Trade Date: 4/27
Underwriter(s): Morgan Stanley, J.P. Morgan, Citigroup, BofA Merrill Lynch, Deutsche Bank Securities
Co-Manager(s): JMP Securities, Piper Jaffray, William Blair
Terms Added: 4-17-18
Business: Their value is simple to understand: the traditional, paper-based agreement process is manual, slow, expensive, and error-prone. They eliminate the paper and automate the process. Doing so allows companies to measure turnaround time in minutes rather than days, substantially reduce costs, and largely eliminate errors.
Their cloud-based platform today enables more than 370,000 companies and hundreds of millions of users to make nearly every agreement, approval process, or transaction digital—from practically any device, virtually anywhere in the world, securely. Currently, 7 of the top 10 global technology companies, 18 of the top 20 global pharmaceutical companies, and 10 of the top 15 global financial services companies are DocuSign customers. Since their founding in 2003, their customers have completed over 700 million Successful Transactions on their platform.
Financials: They have experienced rapid growth in recent periods. For the years ended January 31, 2016, 2017 and 2018, their revenue was $250.5 million, $381.5 million and $518.5 million, respectively, representing year-over-year growth of 52% and 36%, respectively. For the years ended January 31, 2016, 2017 and 2018, their net loss was $122.6 million, $115.4 million and $52.3 million, respectively.
Book-Building Status: The way the book comes together during the week of the roadshow is the most critical indicator to first-day and first-week performance. IPO Boutique uses its 45 years of experience and sources all over the street to gather daily subscription levels, specific price guidance and what type of investors are currently in the book or are anchoring orders in the book. In addition, recent underwriter performance on sector specific deals is a strong factor that IPO Boutique takes into account when determining if our clients should indicate for any offering.
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