Zuora ZUO, +2.35% said Tuesday the expected range that its initial public offering will price has increased to $11 to $13 from $9 to $11, which boosts what it could raise to up to $130 million from $110 million. The subscription services management software company still expects to offer 10 million shares to the public. If all options granted to underwriters are exercised, the company could sell 11.5 million shares and raise up to $149.5 million. 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, -0.71% has lost 1.5% over the past three months while the S&P 500 SPX, +0.33% has shed 4.9%.