Zuora's IPO could raise up to $110 million at high end of expected pricing range

Zuora filed Monday to say it expects its initial public offering to price between $9 and $11 a share, which puts the customer-management software company on track to raise up to $110 million. The San Mateo, Calif.-based company said it was offering 10 million Class A shares in the IPO, and was granting the underwrites options to buy up to an additional 1.5 million shares. The company said the principal purpose of the public offering is to increase capitalization and financial flexibility. For fiscal 2018 ending Jan. 31, Zuora recorded revenue of $167.9 million, up from $113.0 million from the same period a year ago, while the net loss widened to $47.2 million from $39.1 million. Zuora's plan to go public comes at a time when the Renaissance IPO ETF IPO, +1.24% has gained 1.1% over the past three months while the S&P 500 SPX, +1.38% has lost 2.0%.