DocuSign raised its forecasted stock price as it gears up to go public, indicating excitement on Wall Street about the digital signature giant.
In a new filing with the U.S. Securities and Exchange Commission Wednesday, DocuSign listed an anticipated stock price of $26 to $28, up from a range of $24 to $26 listed in a separate filing last week. With the increased stock price, DocuSign now seeks to raise up to just under $450 million.
DocuSign plans to offer 16.06 million shares to the public and existing stockholders could sell another 5.6 million shares, though the company says it won’t receive any proceeds from that stock. The maximum amount the company could raise is $698.7 million, according to the filing, should underwriters decide to buy their full allotment of shares.
DocuSign is expected to debut on the Nasdaq Stock Market Friday, trading under the ticker symbol DOCU. Smartsheet, a Seattle-area software company, is also expected to go public Friday.
The company 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. DocuSign currently holds the top spot on the GeekWire 200 ranking of privately held Pacific Northwest tech companies, though its status as a public company will disqualify it from the ranking once it prices shares on the Nasdaq stock market.
DocuSign hired its current CEO, Daniel Springer, in January 2017 after a long search. Springer previously took marketing company Responsys public in 2011 and sold it to Oracle in 2013 for $1.5 billion. Former CEO Keith Krach is chairman of the board, and holds a 6.3 percent stake in the business.
DocuSign has raised more than $500 million since it was founded in 2003 and expanded beyond its early work in digital signatures into a range of electronic contract and business technologies. Long rumored to be an IPO candidate, the company first filed to go public late last month, at the time saying it planned to raise up to $100 million.