App platform company MuleSoft files for IPO

MuleSoft is the latest “unicorn” to file for an IPO. The company, which helps businesses like Netflix and Spotify with their APIs, has unveiled its financials to the public in an S-1 filing, suggesting that they are targeting a debut as soon as March.

The size of the proposed IPO is $100 million, but that is subject to change.

In the filing we see that MuleSoft had $187.7 million in revenue last year, up from $110.3 million in 2015 and $57.6 million the year before. Net losses were $49.6 million, down from $65.4 million the year before.

The company had previously raised $259 million in funding at a $1.5 billion valuation. Lightspeed Venture Partners has the largest stake at 17.1%, Hummer Winblad owns 15.8% and New Enterprise Associates has 14.3% of the company shares. Morgenthaler Partners, Sapphire Ventures and Bay Partners also own a sizable chunk.

The IPO had been rumored for some time, but it had been a disappointing past couple of years for tech IPOs. In 2015, the newly public companies performed poorly and very few companies debuted last year.

AppDynamics was expected to be a bellwether for tech IPOs, but was swooped up by Cisco in the 11th hour. All eyes are on Snap, which is expected to go public at the beginning of March.

Founded in 2006, the company is headquartered in San Francisco. MuleSoft plans to list on the New York Stock Exchange, under the ticker “MULE.”