Upwork Announces Closing of Initial Public Offering
On October 5, 2018, Upwork, a leading online global marketplace that enables businesses to find and work with skilled freelancers, announced the closing of its initial public offering of 14,348,196 shares of common stock, which includes the full exercise by the underwriters of their option to purchase 1,871,503 shares of common stock, at a price to the public of $15.00 per share. The shares began trading on October 3 on the Nasdaq Global Select market under the symbol "UPWK." The gross proceeds to Upwork from the offering, before deducting the underwriting discounts and commissions and other offering expenses payable by Upwork, are approximately $215 million. Wilson Sonsini Goodrich & Rosati represented the underwriters in the offering.
Citigroup Global Markets, Jefferies, and RBC Capital Markets acted as lead joint book-running managers for the offering, while Stifel, Nicolaus & Company, and JMP Securities acted as co-managers.
For more information, please see Upwork's press release.