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Smartsheet CEO Mark Mader at the Smartsheet Engage conference. (GeekWire Photo / Nat Levy)

Smartsheet plans to raise as much as $120 million through its upcoming initial public offering, new documents filed with the Securities and Exchange Commission show.

The 13-year-old Bellevue, Wash.-based software company on Monday morning said it plans to offer 10 million shares of class A common stock, while selling shareholders plan to offer 1.6 million shares. Smartsheet, whose technology aims to boost workplace efficiency by replacing spreadsheets, email, in-person meetings and phone calls, will not receive any proceeds from the 1.6 million shares being offered by shareholders.

It plans to list shares in the $10 to $12 range when it goes public. After the IPO, Smartsheet also plans to have two classes of stock. Class A shareholders will receive one vote per share, while Class B shareholders will receive 10 votes per share. That means key board members, executives and entities with large positions in the company who hold Class B shares will have about 80 percent of the voting power in the company.

Smartsheet 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. The New York Times earlier today noted in a story titled “Silicon Valley Venture Capitalists Prepare for an IPO Wave” that some of the new publicly-traded companies could cash out entrepreneurs and the venture capitalists who back them in a big way.

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.

The company plans to trade on The New York Stock Exchange under the ticker symbol “SMAR.”

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

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