DocuSign, which lets users sign important documents securely online, soared 37% on its first day of trading on the Nasdaq Stock Market following an Initial Public Offering. Shares in the company — trading under the symbol DOCU — closed at $39.73 Friday.
The company sold 21,700,000 shares of common stock at $29.00 per share. 16,059,182 of the shares were offered by DocuSign and 5,640,818 of the shares were offered by certain selling stockholders. DocuSign will not receive any proceeds from the sale of the shares by the selling stockholders.
Morgan Stanley and J.P. Morgan acted as lead book-running managers for the offering. Citigroup, BofA Merrill Lynch and Deutsche Bank Securities were additional book-running managers, and JMP Securities, Piper Jaffray and William Blair were co-managers for the offering.
Based in San Francisco, DocuSign had more than $500 million in revenue in fiscal 2018, over 370,000 paying customers, and hundreds of millions of users in more than 180 countries.
“We began our journey 15 years ago looking to simplify and streamline the complicated and cumbersome paper-based agreements process used by millions of people every single day,” said Dan Springer, CEO of DocuSign. “We now enable more than 370,000 paying customers and hundreds of millions of users to execute agreements digitally from almost anywhere in the world. So today is a truly historic milestone for us—and it’s another step on our exciting journey ahead.”
“As organizations undergo digital transformations to meet the accelerated needs of clients and employees, DocuSign provides an innovative solution that addresses these demands by reimagining a fundamental part of doing business,” said Adena Friedman, President and CEO, Nasdaq. “We are proud to be DocuSign’s exchange partner, and we welcome them to our family of forward-thinking companies that are helping businesses navigate a digital world.”
Sigma Partners, Ignition Partners and Frazier Technology Ventures are the largest shareholders in DocuSign, which was founded in 2003.