Domo Said to Work With Morgan Stanley, Credit Suisse on IPOby and
Domo founder and Chief Executive Officer Josh James said last year that the company was hoping to sell shares by the end of 2015. Volatile U.S. equity markets delayed that plan, leaving James waiting for better conditions to seek to list the company.
“We’d like to be public,” James said last month, adding that he expected Domo to become profitable soon. “There’s no date we have to get out by though.”
After the slowest start to a year for the U.S. initial public offerings market since the recession, IPO-bound companies, investors and bankers alike will be watching the performance of Bats Global Markets Inc.’s listing Friday. It’s poised to be the first non-biotechnology listing of the year, and also the biggest so far.
American Fork, Utah-based Domo was valued at $2 billion a year ago when it raised $200 million in a funding round led by BlackRock Inc. Its valuation was the same when it raised $131 million earlier this year, from BlackRock as well as Credit Suisse and Canyon Capital Advisors.
Representatives for Domo, Credit Suisse and Morgan Stanley declined to comment.
Domo’s cloud-based software helps customers like EBay Inc., MasterCard Inc. and the National Football League see information about sales, cash flow and other items in real-time. Its products also find and analyze data, which can be put into graphics. Domo competes with analytics businesses like GoodData Corp. and Tableau Software Inc.