Bill.com founder and CEO René Lacerte and a team of staff rang the opening bell on the New York Stock Exchange this morning, as Bill.com went public trading under the ticker symbol BILL. the company offered 9,823,529 shares of its common stock at $22 per share. Bill.com had its IPO priced above Dollars 22 per share as it sold 9.82 million shares in its offering, raising about USD 216 Million. The company had targeted a $16 to $18 per-share IPO price range. After the WeWork IPO disaster, concerns were raised that growth-oriented companies might have difficulty raising investor interest when they are made public.
While not as well-known as high-flying fintech startups such as Robinhood Market Inc., Bill.com had a long history with decent financials coming into its IPO.
Bill.com raised $347.1 million while private across a host of Series and venture rounds, including $100 million in 2017 and $88 million in 2018.
Bill.com's revenue surged 67% to $108.4 million in the year ended June 30, while it managed to slow the pace of its losses to $7.3 million from a year earlier.
Backers in Bill.com included Franklin Templeton, JPMorgan Chase, New Enterprise Associates, Union Square Ventures, Temasek, August Capital, Venrock, Pelion Venture Partners, Greenspring Associates, CapitalG (Google Capital), Microsoft, Baidu, Qualcomm, Fidelity, Scale Ventures, Napier Park, DCM, Icon Ventures, Emergence Capital, Silicon Valley Bank and American Express.
The company was valued, according to Crunchbase data, at exactly $ 1 billion in a post-money valuation after its investment in 2018. This makes its IPO conveniently up transaction, adding value to even the most recent private investors of Bill.com.
An above-range pricing on a company that raised its pricing interval while losing more money than it did a year ago should allay concerns among private companies that the IPO window is closed.
Bill.com has not yet turned a profit but it has reported growing revenues and modest losses as a percentage of revenue.