Justworks IPO: How to buy this HR & payroll software maker's stock?

2 min read | December 21, 2021 08:00 AM EST | By Raza Naqvi

Justworks IPO: How to buy this HR & payroll software maker's stock? — Image source: © Stavklem | Megapixl.com

What kind of company is Justworks?

It is an HR and payroll software maker and is one of the fastest-emerging software-as-a-service (SaaS) providers.

According to the company website. Justworks has raised US$ 143 million in funding, and the startup's investors include Redpoint, BainCapital. Thrive Capital, and Union Square Ventures, and several others.

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Issac Oates established Justworks in 2012, and it has grown rapidly over the last few years. In 2020, Justworks acquired Boomr, which makes the cloud-based time-and-attendance product.

The New York-based company provides services to small and medium-sized businesses to run smooth HR operations like compliance, payroll, and employee benefits.

If the IPO happens, Justworks will join the list of several tech companies that have gone public this year, such as Toast Inc, Freshworks, and HashiCorp.

Bottom line

Justworks want to sell its class A common stock to stock market investors. However, the quantity and price range of the shares were not revealed in the prospectus filed with the Securities and Exchange Commission.

The HR technology company will debut on Nasdaq Global Select Market, and it wants to trade under the ticker symbol JW.

The underwriting responsibility for the IPO is on BofA Securities, J.P. Morgan, and Goldman Sachs & Co. LLC.

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For the fiscal year ended May 31, 2021, Justworks' revenue was up 32 per cent year-over-year (YoY).

However, the company posted a net loss of US$ 5.1 million for the three months ended August 31, against a net income of US$ 2.2 million in the same comparable period of the previous year.

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