Coupa Software Increases IPO Range But Could Still See Down Round

Coupa Software, a cloud-based-company that manages corporate spending, increased the range of its initial public offering Wednesday, but will still see a down round when it goes public unless the shares pop on the public market. The company, which has a private market valuation of at least $1 billion, increased its range to $16 to $18 a share, up from $14 to $16. At the high-end of its range, the company would have an initial market capitalization of about $866 million. The company plans to sell 7.4 million shares to raise $133 million. Coupa plans to trade on the Nasdaq under the symbol "COUP."