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EngageSmart (ESMT) IPO Opens 44% Higher, Valuing Co. at $6 Billion

September 23, 2021 11:40 AM EDT

Today's IPO for EngageSmart, Inc. (NYSE: ESMT) opened for trading $37.50 after pricing 14,550,000 shares of its common stock at a price of $26.00 per share, above the expected $23-$24 range.

Of the offered shares, 13,000,000 shares are being offered by EngageSmart and 1,550,000 shares are being offered by certain of EngageSmart’s existing stockholders.

The valuation of EngageSmart based on the opening stock price is $6 billion.

J.P. Morgan, Goldman Sachs & Co. LLC, BofA Securities and Citigroup are acting as lead book-running managers for the proposed offering. Deutsche Bank Securities, Raymond James, Truist Securities, and William Blair are acting as book-runners for the proposed offering. KeyBanc Capital Markets, Needham & Company, Penserra Securities LLC, R. Seelaus & Co., LLC and Roberts & Ryan are acting as co-managers for the proposed offering.

For the Predecessor 2019 Period, the Successor 2019 Period, and the year ended December 31, 2020, EngageSmart generated revenue of $8.2 million, $74.3 million and $146.6 million, respectively and for the six months ended June 30, 2020 and 2021, EngageSmart generated revenue of $62.5 million and $99.2 million, respectively. For the Predecessor 2019 Period, the Successor 2019 Period, and the year ended December 31, 2020, EngageSmart had total net loss of $39.1 million, $14.5 million and $6.7 million, respectively and for the six months ended June 30, 2020 and 2021, the company had total net (loss) income of $(6.4) million and $0.3 million, respectively. Adjusted EBITDA was $(0.1) million, $4.5 million, and $22.0 million for the Predecessor 2019 Period, the Successor 2019 Period and for the year ended December 31, 2020 and $5.3 million and $15.7 million for the six months ended June 30, 2020 and 2021, respectively.



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