|Upwork prices IPO at $15 a share |
By Jeremy C. Owens
Published: Oct 2, 2018 7:13 p.m. ET
Upwork Inc. UPWK, +0.00% priced its initial public offering at a higher price than expected Tuesday evening, and will raise at least $187 million. The software company, which focuses on freelance workers, said it would sell about 12.48 million shares at $15 apiece, after previously aiming for a price range of $12 to $14. Upwork will raise at least $187.1 million at a valuation topping $1.5 billion at that price, though the shares provided in the sale are split between the company and early investors, so the proceeds will be as well. Underwriters, led by Citigroup, have access to almost 1.9 million additional shares in case of overallotment. Upwork shares are expected to begin trading Wednesday morning on the Nasdaq under the ticker symbol UPWK.