MuleSoft filled an Initial Public Offering (IPO) in February 2017 and will thus become the first tech company of the year 2017 to try out the public market. On March 16th, 2017, MuleSoft announced its initial public offering to be set at $17 a share.

This was previously proposed to be from $14 – $16. This new price per share is set to raise $221 million for the company as it expects to sell 13 million shares. This will give the company a total market cap of $2.14 and billion diluted market value of nearly $2.9 billion, much larger than the figure of $1.5 billion it raised as a private entity back in 2015. MuleSoft will trade the New York Stock Exchange (NYSE) under the ticker symbol “MULE”.

MuleSoft becomes first tech IPO of the year
MuleSoft becomes first tech IPO of the year

MuleSoft is a San Francisco-based computer software company that was founded in 2006 and develops application programming interfaces (API). A noticeable customer of the company includes The Coca-Cola Company, Spotify and The Bank of America Corporation whereas its competition includes the likes of IBM and Oracle.

It operates the social network “APIhub”, where developers share information and are currently covering more than 13,000 APIs. It also has Interactive Development Environment (IDE) based catalog of APIs that is to be used developers and consumers alike.

MuleSoft has performed outstandingly in the last year vs 2015: Total revenue went up to $187.7 million from $110.3 million, Gross profit of $138.7 million as compared to $78.1 million and net losses down to $49.6 million from $65.4 million. The company will go public on Friday, 17th March 2017 and its increase in value can be a good sign for other tech companies, who may consider filling similar IPOs.