Everbridge, the Burlington-based emergency communications software provider, set terms for its long-rumored initial public offering on Tuesday, saying it plans to sell 7.5 million shares, priced between $11 and $13 a share. The terms were disclosed in an amended S-1 filing with the U.S. Securities and Exchange Commission.
At the $12 midpoint of that range, Everbridge would raise $75 million (excluding 1.25 million insider shares). That price would set the company's fully diluted market value at $329 million, according to Renaissance Capital, which added that the company expects to price the IPO sometime next week. That market value would be more than 23 times the $14.2 million Everbridge has raised from investors, according to PitchBook data.
This is the second Massachusetts tech company to file for an IPO this year, following Maynard-based Acacia Communications, which went public in early August and has seen its stock nearly double since then.
The biggest winner of an Everbridge IPO would be ABS Ventures, a Waltham-based venture capital firm that owns 31.1 percent of outstanding shares, according to the S-1 filing. Following that is Everbridge CEO Jaime Ellertson, who owns a 13.6 percent stake, and co-founder and board member, Cinta Putra, who owns a 10.6 percent stake.
In 2015, the company brought in $58.7 million in revenue, a 38 percent increase over the previous year, according to the S-1. It has posted a net loss every year since it was founded in 2002. The company's net loss in 2015 was $10.8 million, far more than the $623,000 net loss it reported in 2014.
Rumors about an Everbridge IPO started last year when it hired hired Ken Goldman as its CFO — a veteran executive who led two companies (Salary.com and Student Advantage Inc.) to IPOs — and Elliot Mark as general counsel, who helped manage several IPOs and M&A transactions.
