Smartsheet raised $150 million in its initial public offering, setting shares above its expected range at $15, showing that Wall Street is excited to get a piece of the Bellevue, Wash. work management company.
Earlier this week, Smartsheet boosted the anticipated stock price range for its IPO to $12 to $14 per share, up from $10 to $12 per share. The Seattle-area company helps Fortune 500 customers manage and automate key work processes — including the ability of employees to collaborate on projects across sales, marketing, HR and other corporate functions — will debut on the New York Stock Exchange Friday morning under the ticker symbol SMAR. The company will sell 10 million shares of Class A stock.
Smartsheet is one of three Washington state companies to go public this week alone. Joining Smartsheet on the public markets on Friday will be digital signature company DocuSign. In its first day as a public company, Vancouver, Wash.-based semiconductor laser manufacturer nLight saw its stock soar 68 percent.
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