Essensys, which is based in London and describes itself as providing "The world's leading coworking software and technology to power your workspace business", went public this week on the London Stock Exchange.
The company sold GBP28 million (about $35 million) worth of stock to the public and garnered a marketcap of GBP83.5 million (about $104 million).
The stock had a good opening, ending the first day of trading up 15%.
Essensys isn't a big company. They had revenues in the $20 million range in 2018 (the financials below are from their prospectus). But they're growing nicely and forecasting strong growth over the next few years.
In a world where WeWork is raising billions of dollars and has a marketcap of $47 billion, Essensys's IPO almost seems quaint.
But the fact that a software company that positions itself as a "pure play in the high growth flexible workspace industry" can go public is another sign that coworking has entered the mainstream.
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