Posted on Jun 23, 2016 in Press
The second venture capital-backed technology company to go public this year, Twilio Inc., surged in its U.S. stock market debut.
The company’s initial public offering got off to a strong start. Twilio, the maker of mobile and web applications backed by Bessemer Venture Partners, sold 10 million Class A shares for $15 apiece, more than the $12 to $14 marketed range. The stock climbed as much as 73 percent to $26 on Thursday, after opening at $23.99.
While it may not trigger a slew of new listings, other technology companies considering whether to go public are watching Twilio closely.
Twilio has yet to make a profit, even with more than 28,000 active customers at the end of March including enterprise-software company Box Inc., department-store chain Nordstrom Inc. and rideshare company Uber Technologies Inc.
“This isn’t necessarily the greatest product in the world but the Who’s Who use it’’ said Anthony Evans, director of research at Triton Research, via telephone on Wednesday. “The business model for these guys is so good that they probably will earn money one day.”
Read full article at bloomberg.com
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