Upwork, Inc. (Nasdaq: UPWK), a Mountain View, California-based freelance workers’ marketplace, priced its initial public offering of 12,476,693 shares of its common stock at a price to the public of $15.00 per share.
6,818,181 of the shares are being offered by the company and 5,658,512 of the shares are being offered by certain selling stockholders.
Upwork will not receive any proceeds from the sale of the shares by the selling stockholders. The shares began trading on The Nasdaq Global Select Market on October 3, 2018. The offering is expected to close on October 5, 2018, subject to customary closing conditions.
In addition, Upwork and the selling stockholders have granted the underwriters a 30-day option to purchase up to 1,871,503 additional shares of common stock at the initial public offering price less underwriting discounts.
Citigroup Global Markets Inc., Jefferies LLC, and RBC Capital Markets, LLC are acting as joint-bookrunning managers for the offering. Stifel, Nicolaus & Company, Incorporated and JMP Securities LLC are acting as co-managers.
Upwork is a large online global marketplace that enables businesses to find and work with skilled freelancers. The company also has offices in San Francisco and Chicago.
FinSMEs
04/10/2018