Initial public offering: Upwork prices shares at $15

Upwork office employees smile to the
camera.
Glassdoor/Upwork

• Upwork, the largest freelancers network, is set to go
  public Wednesday.
• It priced shares at $15 apiece, raising $187
  million through its initial public offering. 
• The company said its business has grown rapidly,
  but it still hasn’t made a profit.

The freelancers
network Upwork is set to go public
Wednesday on the Nasdaq. It priced
shares at $15 apiece, raising $187 million through its
initial public offering. 

“We operate the largest online global marketplace that
enables businesses to find and work
with highly-skilled freelancers as measured by gross
services volume,” Upwork said in its
public filing.

“In the twelve months ended June 30, 2018, our platform
enabled $1.56 billion of gross services volume, across
2.0 million projects between approximately 375,000
freelancers and 475,000 clients in over 180 countries.”

Upwork said its business has grown rapidly, but it still
hasn’t made a profit.

For the year ended in December 2017, the company said its
revenue totaled $202.6 million, up from $164.4 million
the year before. The company also said it generated a net loss of
$4.1 million in 2017 due to “significant investments” in
selling, general, and administrative expenses, but was able to
narrow its loss from $16.2 million in
2016. 

Upwork was formed in 2014 when Elance and oDesk, two
of the earliest and largest online talent marketplaces, combined
as a new company. The combination was rebranded as Upwork in
2015, according to the filing.

The 
underwriters
 for
Upwork’s IPO include Citigroup, Jefferies and RBC.

Upwork will trade under the ticker “UPWK.”

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