Smartsheet (SMAR) Prices 13.9M Class A Share Common Offering at $43.50/Sh

June 12, 2019 5:45 AM EDT

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Smartsheet Inc. (NYSE: SMAR), a leading cloud-based platform for work execution, today announced the pricing of an underwritten public offering of its Class A common stock at a price to the public of $43.50 per share, consisting of 7,800,000 shares offered by Smartsheet and 5,100,000 shares offered by certain selling shareholders. In addition, Smartsheet and the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 1,935,000 shares of Class A common stock, consisting of 1,225,000 shares from Smartsheet and 710,000 shares from the selling shareholders, in the offering. The gross proceeds to Smartsheet from this offering, before deducting underwriting discounts and commissions and estimated offering expenses, is expected to be approximately $339 million. Smartsheet will not receive any proceeds from the sale of the shares by the selling shareholders.

Smartsheet intends to use the net proceeds from its sale of Class A common stock in this offering for working capital and general corporate purposes, which may include acquisitions of businesses, technologies, or other assets. However, Smartsheet does not have any definitive plans, agreements, or commitments with respect to any acquisitions or investments at this time.

Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as lead book-running managers for the offering. Jefferies LLC, William Blair & Company, L.L.C., SunTrust Robinson Humphrey, Inc. and Canaccord Genuity LLC are acting as joint book-running managers, and Needham & Company, LLC, Oppenheimer & Co. Inc., Stephens Inc. and D.A. Davidson & Co. are acting as co-managers.

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