MuleSoft, a US-based software integration platform developer backed by corporates Salesforce.com, Cisco and ServiceNow, set the terms for an initial public offering of up to $182m in size yesterday.
The company plans to issue 13 million shares priced between $12 and $14 each, which would raise between $156m and $182m, should it float at either end of its range.
Underwriters Goldman Sachs, JP Morgan, BofA Merrill Lynch, Allen & Co, Barclays and Jefferies have a 30-day option to buy another 1.95 million shares, which would lift the IPO’s size to $209m.
MuleSoft’s Anypoint Platform enables organisations to build and grow their own application networks in order to connect and more easily operate their various applications, data and devices.
None of networking equipment maker Cisco or enterprise software providers Salesforce and ServiceNow have stakes in MuleSoft over 5% despite taking part in its last funding round, a $128m series G round in mid-2015 that valued the company at $1.5bn.
Should MuleSoft float at the midpoint of its range, it would be worth about $1.8bn. Its largest shareholder, venture capital firm Lightspeed Venture Partners, holds a 17.1% share that will be diluted to 15.3% post-offering.
Other notable investors include Lightspeed Venture Partners (a 14.2% stake post-IPO), New Enterprise Associates (12.8%), Morgenthaler Partners (6.7%), Sapphire Ventures (6.1%) and Bay Partners (5.3%).