DocuSign and Smartsheet rang the opening bells for the Nasdaq Stock Market and New York Stock Exchange, respectively, Friday morning, signaling the beginning of a new era as public companies for the Seattle-area tech titans.
Both stocks popped following the opening bell, with Smartsheet opening at $18.40, up 22 percent from its IPO price of $15. DocuSign priced its stock at $29 and opened around $38, a more than 30 percent jump.
Both companies priced their initial public offerings Thursday evening above their expected range. The final prices indicate an enthusiastic reception for the two companies from Wall Street — part of a wave of excitement about enterprise software companies.
The enthusiasm for the two companies is yet another sign of the Seattle area’s status as a global tech hub. Before the IPOs, DocuSign and Smartsheet were ranked first and fourth respectively in the GeekWire 200 list of the Pacific Northwest’s top privately held tech companies. These IPOs follow a successful debut for Vancouver, Wash. semiconductor laser manufacturer nLight, which saw its shares rise 68 percent on the first day of trading.
“To have three companies founded in the same state, priced on the same day, is yet another great celebration of what’s been going on in Seattle over the last couple decades and how that’s really starting to come to light in terms of more and more success stories,” said Matt McIlwain of Madrona Venture Group.
— Shauna Wu (@ShaunaWu) April 27, 2018
Smartsheet is based in Bellevue, Wash., and it helps Fortune 500 customers manage and automate key work processes — including the ability of employees to collaborate on projects across sales, marketing, HR and other corporate functions. Smartsheet priced its shares at $15, raising $150 million in its IPO, and will trade on the New York Stock Exchange under the ticker symbol SMAR.
DocuSign originally started in Seattle and later relocated its headquarters to the San Francisco Bay Area. However, its Seattle office at the 999 Third Avenue tower remains its largest, with more than 850 people as of December. The electronic signature giant priced its shares at $29, raising $465 million, and it will trade on the Nasdaq under the ticket symbol DOCU.