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DocuSign Is the Latest Tech Unicorn to File for an IPO

March 29, 2018, 11:43 AM UTC

Another tech “unicorn” is preparing to go public. After Dropbox and Zscaler made their initial public offerings this month, DocuSign is now planning to do the same.

DocuSign, a 15-year-old provider of electronic signature services, announced Wednesday that it has filed its Form S-1 with the Securities and Exchange Commission. It still hasn’t revealed its price range, nor the number of shares that it will offer, but we do know the ticker symbol will be “DOCU.”

DocuSign’s last funding round was in 2015; it gave the company a valuation of $3 billion. Investors include Sigma, Ignition and Frazier, as well as big tech names like Deutsche Telekom, Intel and Microsoft.

According to the filing, DocuSign’s revenues for the year ended January 31, 2017 totaled $381.5 million—52% up on the year before—but it made a net loss of $115.4 million in that period. The company has not yet turned a profit.

“We have a history of operating losses and may not achieve or sustain profitability in the future,” DocuSign warned in the filing. It also explained that it plans to grow through international expansion—for the above-quoted year, only 17% of its revenue came from outside the U.S.—and by targeting verticals such as health care and U.S. federal government agencies.

DocuSign said Wednesday that Morgan Stanley and J.P. Morgan will run the proposed offering, with Citigroup, BofA Merrill Lynch and Deutsche Bank acting as additional book running managers.