Smartsheet wants more cash.
The Bellevue, Wash.-based work collaboration software maker filed paperwork this week for new public offering of its Class A common stock. It expects to raise approximately $339 million that will go toward “working capital and general corporate purposes, which may include acquisitions of businesses, technologies, or other assets,” the company said in a press release.
That’s more than double the $150 million Smartsheet raised in its IPO last year.
Smartsheet is not profitable. The company posted $56.2 million in revenue for the first quarter, up 55 percent year-over-year, and a non-GAAP net loss of $0.12 per share, the same as the year-ago quarter.
As of April 30, Smartsheet had $209 million in cash and cash equivalents, down from $213 million on January 31.
Smartsheet’s subscription revenue came in at $50.3 million for the most recent quarter, up 57 percent. It has 80,280 domain-based customers, up from 78,959 three months ago. There are 518 companies that spend more than $50,000 annually with Smartsheet, up from 444 in the fourth quarter of 2018 and 360 in the third quarter.
The company’s offering price was $15 per share when it went public one year ago. Shares are trading at around $45, up 3 percent on Wednesday, as its market capitalization nears $5 billion.
Smartsheet has acquired two companies this year. In January, it scooped up Slope, a small Seattle startup founded in 2014 that helps companies manage the creative project production process. Last month it bought 10,000ft, another Seattle startup that helps clients manage project resources.
Smartsheet is among a crop of “collaboration work management” enterprise companies attracting interest from investors in the public and private markets. Others include Asana, Airtable, Wrike, Trello, and more. Giants such as Google and Microsoft are also building competing software.