Coupa Software (NASDAQ: COUP) raised $133.2 million in its IPO after pricing shares Wednesday at $18 each. The company initially planned to offer 6.7 million shares at around $14 to $16 apiece, but it made a last-minute decision to increase both figures, upping the offering to 7.4 million shares with a projected range of $16 to $18.
Coupa's late increase to both its shares offered and expected price range comes a week after tech unicorn Nutanix (NASDAQ: NTNX) did something similar. The company had filed an initial range of $11 to $13, increased it to $13 to $15 and eventually priced even higher, at $16.
Founded in 2006, Coupa is the provider of a cloud-based spend management platform that connects organizations with suppliers and gives greater visibility into and control over how companies spend money. The company has raised about $170 million in venture funding, including an $80 million round in June 2015 at a valuation of $941 million. Its VC investors include Mohr Davidow Ventures (16.3% pre-IPO stake), Battery Ventures (16.2%), El Dorado Ventures (13.1%) and BlueRun Ventures (12.7%).
*this story has been updated to include Mohr Davidow Ventures' pre-IPO stake