Weave Communications sets IPO terms, to be valued at up to nearly $1.8 billion


Weave Communications Inc. WEAV, has set terms for its initial public offering, in which the Utah-based communications and engagement software company is looking to raised up to $140.0 million. The company said it is offering 5.0 million shares in the IPO, which is expected to price between $25 and $28 a share. With about 62.91 million shares expected to be outstanding after the IPO, the expected pricing could value the company at up to $1.76 billion. The stock is expected to list on the NYSE under the ticker symbol “WEAV.” Goldman Sachs, BofA Securities and Citigroup are the lead underwriters. The company recorded a net loss of $24.5 million on revenue of $53.7 million during the six months ended June 30, after a loss of $21.7 million on revenue of $34.7 million in the same period a year earlier. The company is looking to go public at a time that the Renaissance IPO ETF IPO, +0.83% has rallied 9.0% over the past three months and the S&P 500 SPX, +0.18% has gained 5.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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