Based in San Diego, ServiceNow provides information technology service management solutions. It was expected to price its IPO between $15 and $17, according to Reuters.
JMI invested $13.5 million in the company over three rounds in 2005, 2006 and 2009, according to Thomson Reuters (publisher of peHUB). JMI now holds 59.8 million shares valued at more than $1.07 billion at $18 per share. If JMI is able to sell its shares for at least $18 per share, it will see close to an 80x return on its investment.
JMI owned 53.39% of ServiceNow prior to the IPO; it will own 49.42% of the company after the IPO, according to the company’s prospectus.
Prior to its IPO, ServiceNow raised a total of $72.72 million in venture capital. Its other key backer is Sequoia Capital, which invested a combined $59.22 million over two rounds in 2009 and in February of this year, according to Thomson Reuters. Sequoia now owns 23.9 million shares valued at just over $430 million (for a paper return of more than 7x).
Greylock Partners is also an investor in ServiceNow, but Thomson Reuters has no record of the size of its investment. Greylock holds 2.45 million shares worth about $44 million at $18 per share.
Image credit: Photo of man burning money courtesy of ShutterStock