Posted on Jun 23, 2016 in Press
Shares of Twilio — a tech “unicorn” that was privately valued at about $1.23 billion — nearly doubled its market cap to $2.36 billion in its Thursday debut on the New York Stock Exchange.
The San Francisco-based startup — which powers anonymous text-messaging and phone calls for mobile apps like WhatsApp, Uber and Lyft — saw its shares surge nearly 92 percent, to $28.79, at the close of regular trading.
Despite the impressive one-day gain, Twilio’s relatively modest size limits its reliability as a bellwether for the tech IPO market ahead, warns Rett Wallace of New York-based Triton Research.
“Twilio is now one-tenth the size of Airbnb,” Wallace noted, referring to the home-sharing site recently valued at $24 billion on the private markets.
Still, Wallace said Twilio’s good news may augur well for Line, a Japan-based messaging app that’s aiming for a $5 billion valuation next month in dual listings on the New York and Tokyo stock exchanges.
Read full article at nypost.com
