Yext, a tech startup that helps firms manage their listings on directory sites like Yelp, Apple’s Siri, Facebook, Google Maps, and Foursquare, is pricing its forthcoming IPO at between $8 and $10 a share.
The company’s updated S-1 filing states that it plans to sell 10.5 million shares of its common stock, raising $84 million at the bottom of the range or $105 million at the top end, minus fees.
That means the company is seeking a valuation of $854 million at the top end of the range – and $870 million if it exercises its over-allotment option.
Yext’s shares will trade on the New York Stock exchange, under the symbol “YEXT”.
Morgan Stanley, JP Morgan, RBC Capital Markets, Pacific Crest Securities, and Piper Jaffray are the underwriters of Yext’s offering.
The company reported revenue of $124 million in the year to January 31, 2017 – an increase of 38% on the prior year. However, its losses widened from $26.5 million to $43.2 million.
Yext was founded in 2006 as an advertising services company and has raised $117.8 million in funding to date.
The company describes itself in its S1 as a “knowledge engine” that lets businesses manage their digital “knowledge” – such as menus, ATM locations, and retail hours – in the cloud and then sync that information to more than 100 directory services.