Zuora (ZUO) IPO Opens 43% Higher

Today's IPO for Zuora, Inc. (NYSE: ZUO) opened for trading at $20 after pricing its initial public offering of 11,000,000 shares of its Class A common stock at a price to the public of $14.00 per share.

In addition, Zuora has granted the underwriters a 30-day option to purchase up to 1,650,000 additional shares of Class A common stock at the initial public offering price less underwriting discounts.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as the joint lead bookrunners for the offering. Allen & Company LLC and Jefferies LLC are acting as bookrunners. Canaccord Genuity LLC and Needham & Company, LLC are acting as co-managers.

Zuora provides cloud-based software on a subscription basis that enables any company in any industry to successfully launch, manage, and transform into a subscription business.

The company currently serves more than 950 customers in over 30 different countries across most industries, including 15 of the Fortune 100 as of January 31, 2018. Unsurprisingly, customers pay for our platform under a subscription-based model, and this model allows us to grow as the Subscription Economy grows. For fiscal 2016, fiscal 2017, and fiscal 2018, total revenue was $92.2 million, $113.0 million, and $167.9 million, respectively. We have made significant investments to grow our business, including in sales and marketing, infrastructure, operations, and headcount. As a result, they incurred net losses for fiscal 2016, fiscal 2017, and fiscal 2018 of $48.2 million, $39.1 million, and $47.2 million, respectively.

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