Instructure (INST) Files $75M Common Stock IPO

Instructure (NYSE: INST) announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Instructure intends to list its common stock on the New York Stock Exchange under the ticker symbol "INST."

The proposed maximum offering price is $75 million.

Morgan Stanley and Goldman, Sachs & Co. will act as lead joint book-running managers for the proposed offering with Jefferies LLC also acting as a book-running manager. Needham & Company, LLC, Oppenheimer & Co. Inc. and Raymond James & Associates, Inc. will act as co-managers for the proposed offering.

Financial commentary: "For 2012, 2013 and 2014, revenue was $8.8 million, $26.1 million and $44.4 million, respectively, representing year-over-year growth of 197% and 70%. We have experienced net revenue retention rates of over 100% at each of December 31, 2012, 2013 and 2014. For 2012, 2013 and 2014, our net losses were $18.5 million, $22.5 million and $41.4 million, respectively, as we focused on growing our business. For the six months ended June 30, 2015, revenue was $30.5 million and we incurred a net loss of $30.6 million."

Instructure is a provider of a cloud-based learning management platform for academic institutions and companies worldwide.

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