DOCU DocuSign Inc

By Austen Hufford 

Electronic-signature technology company DocuSign Inc. jumped 30% in the first minutes of its market debut Friday.

DocuSign's share price after early trading values it at about $5.76 billion. The company, founded in 2003, was valued at $3 billion in April 2015.

The company's stock was recently up 35% to $39.08, above its already raised $29 initial-public-offering price.

Founded in 2003, DocuSign was valued at $3 billion in April 2015.

DocuSign is the latest so-called unicorn, or private companies valued at $1 billion or more, to make its market debut this year, joining others such as Spotify Technology SA and Dropbox Inc. Another technology company, Smartsheet Inc., also had its market start on Friday. Its shares were up 23% to $18.50 in recent trading.

Still, many highly-valued, venture-backed companies remain private and flush with cash. They may eventually choose to tap public markets to allow employees and investors to cash out.

San Francisco-based DocuSign is trading under the symbol DOCU on Nasdaq. The company sold 16.1 million shares for $29 while other shareholders sold 5.6 million.

DocuSign, which competes with the likes of Adobe Systems Inc. and has yet to turn profitable, offers cloud-based technology that makes signing contracts on a computer simpler and more user-friendly.

The company started as a provider of electronic signatures serving the U.S. real-estate industry and has expanded to track, authenticate and archive all types of digital documents for insurance, consumer goods, enterprise sales, financial, pharmaceuticals and other sectors. Customers include Salesforce.com Inc., T-Mobile US Inc. and Comcast Corp., according to the filing.

DocuSign reported $518.5 million in revenue in the year ended Jan. 31. The company, which generates the bulk of its revenue from subscriptions, said about 17% of its revenue came from customers outside the U.S.

The company also reported a net loss of $52.3 million, compared with a loss of $115.4 million the prior year.

DocuSign hired former Responsys Inc. chief executive Daniel Springer as CEO in January 2017, more than a year after Keith Krach said he would step down as CEO and remain chairman.

--Maureen Farrell contributed to this article

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

April 27, 2018 12:47 ET (16:47 GMT)

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