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SALT LAKE CITY — A Utah unicorn tech company has confidentially declared its intent to seek an initial public offering for later this year.
Pluralsight, a cloud-based online education company, submitted paperwork with the United States Securities and Exchange Commission to seek an IPO of its Class A common stock, the company announced Monday. Once the SEC reviews the application, an IPO date and more details will be released.
The Farmington, Utah-based company is one of several tech companies nationally seeking an IPO, including cloud-based Dropbox, who went public in March. Others, like Spotify, will be public on Tuesday in what is expected to be a busy spring for tech IPOs.
Pluralsight was founded in 2004 and creates training courses for software developers and information technology professionals. The company raised $135 million from Iconiq Capital in 2014, according to Forbes, and has raised several smaller rounds of financing over the years.
In 2017, Forbes named Utah the “cloud computing’s new capital” as part of the company’s annual Cloud 100 list. Pluralsight was ranked 20th on the list, behind other Utah tech companies Qualtrics (6) and Domo (15).
Pluralsight will be one of two tech companies based in Utah that are publicly traded, but the first of many newer tech companies expected to go public over the coming years. Instructure, a software company based in Salt Lake City, was one of the first tech companies from Utah to trade publicly after a 2015 IPO.
Tech companies, however, have seen stock prices drop the last couple weeks as President Donald Trump has initiated trade tariffs on several products. On Monday, China responded by raising import duties of its own against the U.S., as many predict an upcoming trade war.
