• by Ray Schultz , November 2, 2017

Email service provider SendGrid has announced the terms of its initial public offering.

The firm is offering 7.7 million shares at prices ranging from $13.50 to $15.50, and is expecting to raise $112 million, according to Nasdaq.

The company generated $103 million in sales in the 12-month period ended September 30, Nasdaq says, adding that if the firm draws a midpoint price, it will have a diluted market value of $715 million, Nasdaq adds.

The Denver-based company has applied to have its stock listed on the New York Stock Exchange as SEND. Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as joint book-running managers for the offering.

Acting as co-managers are William Blair & Company, L.L.C., KeyBanc Capital Markets Inc., Piper Jaffray & Co. and Stifel, Nicolaus & Company, Inc.

SendGrid has processed “over one trillion emails since inception, including over 210 billion emails in the first six months of 2017,” it says in a filing with the Securities and Exchange Commission.

The company provides three basic services: Email API, introduced in 2009; Marketing Campaigns, launched in 2015; and Expert Services, fielded in 2016. The majority of its revenue growth has been derived from the Email API service.

Founded in 2009, the company adds that 36% of its revenue is international, and that it is enjoying n 84% growth rate outside of the U.S.