DocuSign sets targets to raise up to $649 million in upcoming initial public offering

DocuSign Inc. set a price range for its upcoming IPO that could raise up to $649 million and give it a market cap of about $3.5 billion.

The San Francisco-based electronic signature company said it plans to sell about 16 million shares for between $24 and $26 each. Existing private shareholders also plan to sell about 5.6 million shares and the company has set aside about 3.3 million shares for the IPO underwriters.

DocuSign was last valued at about $3 billion when it raised over $300 million in…