initial public offerings (IPOs) trading on American exchanges

Wednesday, October 3, 2018

Upwork (UPWK) began trading on the Nasdaq on 3 October 2018

  • Upwork (Nasdaq) priced slightly upsized 12.48 mln share IPO (from 12.3 mln shares) at $15.00, above the increased $12.00-14.00 range
  • Upwork opened for trading at $23.  
  • Raised $187 million.

Upwork CEO Stephane Kasriel

Upwork provides an online platform that connects freelancers with businesses, where they can collaborate remotely.
"Freelancers are an increasingly sought-after, critical, and expanding segment of the global workforce," said the Upwork IPO prospectus.

For the 12-month period ended June 30, the Upwork platform was used for 2 million projects between approximately 375,000 freelancers, totaling $1.56 billion in paid services, the company said.

For the six-month period ended June 30, Upwork reported revenue of $121.9 million, up 28% from the year-ago period. It showed a net loss of $7.2 million.

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