Data analysis SaaS Workiva sets terms for $101 million IPO

Workiva, which offers a SaaS platform used by companies to manage the SEC filing process, announced terms for its IPO on Monday. The Ames, IA-based company plans to raise $101 million by offering 7.2 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Workiva would command a fully diluted market value of $581 million.

Workiva had 2,176 customers as of September 30, with 60% of both the Fortune 500 and Fortune 100, including The Coca-Cola Company, Wal-Mart, Cardinal Health, Boeing, Credit Suisse, Google and Chevron. Its ten largest customers make up 5% of revenue. The company's subscription revenue retention rate was 97% as of September 30, and 108% including additional seats purchased by existing customers. The company's management team will collectively own 82% voting power-post IPO.

Workiva, which was founded in 2008 and booked $106 million in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol WK. Workiva initially filed confidentially on September 3, 2014. Morgan Stanley and Credit Suisse are the joint bookrunners on the deal.