Instructure Inc. (NYSE: INST) expects to raise $75 million in its upcoming IPO. Based in Salt Lake City, Utah, Instructure offers a cloud-based learning management platform for academic institutions and corporations.

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Instructure will offer 4.4 million shares at an expected price of $16 to $18. If the underwriters price the IPO at the midpoint of that range, Instructure will have a market capitalization of for a market capitalization of $449 million.

Instructure filed for the IPO on October 9, 2015.

Lead Underwriters: Goldman Sachs and Morgan Stanley

Underwriters: Jeffries LLC, Needham and Co., Oppenheimer, and Raymond James & Associates

Business Summary: Software Developer with Learning Management Platform

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Instructure is a software developer that offers a cloud-based learning management platform used by educational institutions and businesses. It primary products are Canvas and Bridge. Canvas was launched in 2011, and it is tailored to the education market, while Bridge was launched recently in 2015 and is tailored to corporate market.

Instructure promotes its platform through the Software-as-a-Service (NASDAQ:SAAS) business model, and the platform allows clients to customize, develop and manage dynamic face-to-face and online learning experiences. Currently, the company estimates that its education-based products are used by over 1,400 universities, school districts and learning institutions worldwide. In total, over 1,600 clients use Canvas and Bridge combined.

The Canvas line of products includes K-12, K-20, and higher education modules, and the programs integrate with mobile apps and devices. The company has just over 700 employees and is located in Salt Lake City, Utah. In its SEC filing, Instructure noted that it currently has no specific use for the proceeds of the IPO other than general corporate purposes and to create a secondary market for its stock.