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 $8 and $10 a share.
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Tech startup Yext prices its IPO at $8 to $10 a share
Yext helps firms manage their listings on directory sites like Yelp, Apple Siri, and Google Maps.
Howard Lerman, CEO and co-founder of Yext.
The company's updated S-1 filing states that it plans to sell 10.5 million shares of its common stock, raising $84 million at the bottom of the range or $105 million at the top end, minus fees.
That means the company is seeking a valuation of $854 million at the top end of the range — and $870 million if it exercises its over-allotment option.
Yext's shares will trade on the New York Stock exchange, under the symbol "YEXT".
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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 $124 million in the year to January 31, 2017 — an increase of 38% on the prior year. However, its losses widened from $26.5 million to $43.2 million.
Yext was founded in 2006 as an advertising services company and has raised $117.8 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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