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From: Glenn Petersen	10/6/2016 7:51:28 AM
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Coupa Software IPO raises $133 million, but valuation drops By Marisa Kendall Siliconbeat October 5, 2016 at 6:46 PM San Mateo-based Coupa Software raked in $133 million Wednesday evening in Silicon Valley’s latest tech IPO. The good news is that’s at the top of what the company was projecting. Coupa offered 7.4 million shares at $18 each — the high end of the $16-$18 range the company set the day before. And that’s after Coupa raised its price range. The company originally planned to price its shares between $14 and $16. The bad news is the $18 price gives Coupa a market cap of about $866 million — down from its prior $1 billion valuation as a private company. Of course if this year’s prior Silicon Valley tech offerings are any indication, Coupa’s shares may skyrocket on Thursday to twice their IPO price. San Jose-based cloud computing company Nutanix wowed the Valley on Friday with a 131 percent pop during its first day trading on the public market. Earlier this year San Francisco-based cloud communications startup Twilio saw a 92 percent pop, and shares of Redwood City-based software company Talend jumped up 42 percent. Of course, that’s after a dry spell during which Silicon Valley saw no tech IPOs for the first five months of 2016. And the size of the Coupa offering could still grow. The company granted underwriters a 30-day option to purchase an additional 1 million shares. Coupa is expected to start trading Thursday on the Nasdaq Global Market under the symbol COUP. Coupa sells cloud-based software that helps other companies manage their spending. siliconbeat.com

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