Upland Software, which makes cloud-based management software for companies, went public Thursday with its stock price opening up at $11 per share.
The Austin-based company had priced its stock at $12 per share, the low end of the expected $12 to $14 range, with plans to raise $46.15 million.
The company’s stock continued to fall throughout the day. It closed at $9.75 down nearly 19 percent, giving the company a market capitalization of $140 million.
“Upland expects to use the net proceeds of the offering to repay a portion of its bank debt and for working capital and general corporate purposes, including to finance its growth through acquisitions and by expanding its sales force,” according to a news release.
William Blair & Company, L.L.C. and Raymond James & Associates, Inc. managed the offering along with Canaccord Genuity Inc. and Needham & Company, LLC.
Upland makes cloud-based enterprise management software. Its software is used to plan, manage and execute projects. It sells its software applications through a direct sales organization. It also sells through distributors and resellers. At the end of last year, Upland has more than 1,200 customers and more than 200,000 users in a variety of industries including financial services, retail, healthcare, technology manufacturing, education and more. The company reports increasing its staff from three employees in 2011 to 277 employees at the end of last year.
Upland’s revenue was $41.2 million in 2013, up from $22.8 million in 2012. It reported a net loss of $2.5 million in 2012 and $9.2 million in 2013.
Upland Software, with 296 employees, has raised $31.4 million in two rounds of investment from two investors.