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Smartsheet CEO Mark Mader. (Smartsheet Photo)

Smartsheet is gearing up to go public this week, and Wall Street appears to like what it sees.

The Bellevue, Wash.-based software company today boosted the anticipated stock price range for its initial public offering to $12 to $14 per share. That’s up from $10 to $12 per share.

Updated documents filed Tuesday with the SEC, show that Smartsheet plans to offer 10 million shares of Class A stock, meaning the company could raise $140 million through the IPO if it priced at the top of the range. Some shareholders also plan to offer 1.6 million shares, though Smartsheet will not receive any proceeds from those sales.

Smartsheet is expected to price shares Thursday afternoon, with first trades of the company’s stock coming on The New Stock Exchange on Friday. It plans to trade under the ticker symbol “SMAR.”

Smartsheet, whose software is used by companies to boost workplace efficiency, first filed for its IPO late last month, at the time saying it planned to raise up to $100 million. The increased target indicates an enthusiastic reception on Wall Street for Smartsheet’s stock — part of a wave of interest in companies that develop enterprise software.

Smartsheet is one of a number of companies with roots in Washington state that are looking to go public. Vancouver, Wash.-based laser maker nLight and electronic signature powerhouse DocuSign also recently filed for IPOs, and they are slated to go public this week as well.

Smartsheet’s backers include Insight Ventures, which holds a 32 percent stake, and Madrona Venture Group, which holds a 28 percent stake. Smartsheet co-founder Brent Frei retains an 8.8 percent stake, while CEO Mark Mader holds 2.3 percent.

Smartsheet is growing fast, but it is unprofitable. The company, which claims more than 92,000 customers, reported revenue for the period ending Jan. 31, 2018 of $111 million. For that same period, the company lost $49.1 million, and to date has accumulated a deficit of $106.6 million, writing in its IPO filing that it expects losses to continue for the “foreseeable future” as it invests in marketing, R&D and other corporate expenses.

Editor’s note: Smartsheet is a GeekWire annual sponsor. 

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