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Accounting Software Maker BlackLine Files for IPO

September 30, 2016, 11:07 PM UTC
Comcast Corporation And USA Network Ring The Nasdaq Opening Bell
NEW YORK, NY - JANUARY 28: Comcast Corporation And USA Network Ring the Nasdaq Opening Bell at NASDAQ MarketSite on January 28, 2016 in New York City. (Photo by Daniel Zuchnik/WireImage)
Photograph by Daniel Zuchnik -- WireImage

Accounting software maker BlackLine filed for an initial public offering with U.S. securities regulators on Friday, looking to ride on the recent success of technology offerings in a relatively quiet year for IPOs.

Los Angeles-based BlackLine, founded in 2001 by chief executive Therese Tucker, counts Coca-Cola (CCE), Under Armour (UA) and Dow Chemical (DOW) among its 1,500 customers.

Reuters reported last week that the company was preparing for an IPO that could value it at more than $1 billion.

Goldman Sachs (GS), J.P. Morgan (JPYYL), Raymond James (RJF), William Blair and Baird are among the underwriters for the IPO, the company said in a filing with the Securities and Exchange Commission.

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Demand for tech offerings has been robust, and on Friday shares of Nutanix, an enterprise data storage provider, more than doubled in their market debut.

Nutanix sold 14.87 million shares, more than the expected 14 million, and priced them above the anticipated range of $13 and $15.

BlackLine said it plans to list its shares on the Nasdaq under the symbol “BL.”

The IPO would raise up to $100 million, according to the filing.

The amount of money a company says it plans to raise in its first IPO filing is usually a placeholder.