DocuSign stock price target raised to $70 from $53 at J.P. Morgan

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DocuSign prices IPO at $29, higher than expected, to raise more than $600 million

DocuSign Inc. announced Thursday evening that it had priced its initial public offering at $29, higher than the price range it was seeking. DocuSign said it would sell at least 21.7 million shares at that price, with about 16 million shares coming from the company and the rest from selling shareholders. In total, the IPO would raise at least $629.3 million at a valuation of $4.4 billion based on shares outstanding. The company had already raised its price range, from $24-to-$26 to $26-to-$28, in the run-up to the IPO. The company, which enables companies to provide forms to customers and obtain their legally binding electronic signatures on the documents, is expected to begin trading Friday morning on the Nasdaq exchange under the ticker symbol DOCU. Underwriters, led by Morgan Stanley and JP Morgan, have access to an additional 3.26 million shares.

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