Upwork, a marketplace for businesses to hire and manage remote freelancers, announced terms for its IPO on Friday.
The Mountain View, CA-based company plans to raise $135 million by offering 12.3 million shares (44% insider) at a price range of $10 to $12. At the midpoint of the proposed range, Upwork would command a fully diluted market value of $1.3 billion. Dragoneer Investment Group intends to purchase up to $27 million of the IPO (20% of the deal).
Upwork was founded in 1998 and booked $229 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol UPWK. Citi, Jefferies and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of October 1, 2018.
