DocuSign Inc. on March 28 has filed preliminary documents for an initial public offering.
The San Francisco-based electronic signature provider plans to trade on the Nasdaq Global Select Market under the symbol DOCU.
The company intends to use the net proceeds of the offering for working capital and other general corporate purposes, as well as satisfy a portion of the anticipated tax withholding and remittance obligations related to the initial settlement of our outstanding restricted stock units.
Founded in 2003, DocuSign currently has more than 350,000 customers and "hundreds of millions of users," according to the filing.
For the year ended Jan. 31, 2017, the company generated $381.5 million in revenue, up 52% from $250.5 million in the prior year. The company posted a net loss of $115.4 million, compared to the year-earlier loss of $122.6 million.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are the lead underwriters in the offering.