Tech unicorn Domo files for IPO
Domo Inc. filed its initial public offering documents Friday. The data analytics company plans to list under the ticker symbol DOMO and logged losses of $45.5 million on sales of $32 million in the first quarter, compared to losses of $48 million on revenue of $24.3 million in the year-earlier period. The company said in the filing that if it does not obtain a capital injection by August it will be forced to restructure the business. The Utah-based company has $71.9 million in cash and equivalents and in the first quarter had a negative cash flow of $36.9 million, which widened slightly from $36.4 million in the year-earlier period. The underwriters include Morgan Stanley, Allen & Co., Credit Suisse and UBS. Private investors last valued Domo at $2 billion in 2015, according to The Wall Street Journal. The filing with the Securities and Exchange Commission says the company plans to raise $100 million, though that figure is often a placeholder and will increase as Domo approaches its listing date. Domo did not disclose the exchange it plans to list on in the IPO filing.
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