Anaplan, a US-based business planning software provider backed by enterprise software suppliers Salesforce and Workday, raised almost $264m on Friday when it floated on the New York Stock Exchange.
The company had upscaled the IPO range from $13 to $15, to $15 to $17 a share, and it priced the offering at the top of its range, issuing 15.5 million shares and securing a market cap of about $2.1bn.
Anaplan has developed connected planning software that links employees to data across an organisation including sales, finance and the supply chain, helping them to plan more thoroughly and efficiently.
The company made a $47.2m net loss in the first half of 2018 from $109m in revenue. It had raised a total of about $300m in venture funding before the IPO and was valued at $1.4bn as of its last funding round, a $60m series F in December 2017.
The series F round was led by Premji Invest and also featured Salesforce’s corporate venturing arm, Salesforce Ventures, as well as Baillie Gifford, Granite Ventures, Top Tier Capital Partners, Industry Ventures and Meritech Capital.
Premji Invest also led a $90m round in 2016 that included Salesforce, Baillie Gifford, Granite Ventures, Meritech Capital, Coatue Management, DFJ Growth, Sands Capital, Shasta Ventures, Brookside Capital, Founders Circle Capital and Harmony Partners.
Salesforce and Workday both contributed to Anaplan’s $100m series D round in 2014, which was led by DFJ Growth and backed by Meritech Capital, Granite Ventures, Shasta Ventures, Brookside Capital, Coatue Management and Sands Capital Management.
The 2014 round came the year after the company raised $33m in a series C round featuring Salesforce, Meritech Capital, Granite Ventures and Shasta Ventures.
Neither corporate owned stakes in Anaplan of 5% or more prior to the offering. Affiliates of Premji Invest bought more than 1.1 million shares for $18.7m in a concurrent private placement, and its stake was diluted only slightly from 7.4% to 7.3%.
Shasta Ventures is the company’s largest investor, with a stake cut from 12.8% to 11% in the IPO. Other notable shareholders include Granite Ventures (10.4% post-IPO), Coatue (6.6%) and Meritech (6.5%).
Goldman Sachs and Morgan Stanley are lead joint book-running managers for the IPO while Barclays Capital is a book-running manager. KeyBanc Capital Markets, Canaccord Genuity, Evercore Group, JMP Securities, Needham & Company, Piper Jaffray and SunTrust Robinson Humphrey are co-managers.
The underwriters have the 30-day option to acquire more than 2.3 million additional shares at the IPO price, which would increase the size of the offering to approximately $303m. Anaplan’s shares opened at $24.25 on Friday and closed at $24.30 the same day.
