Posted on Jun 23, 2016 in Press
Twilio’s (TWLO) market debut Thursday far surpassed expectations but the IPO market still hasn’t come to life.
Twilio priced at $15 per share, ahead of the $12 to $14 range it provided, raising $150 million. The stock opened Thursday at $23.99, or 59.9% above the IPO price. Shares closed $28.79, up 92%.
While venture capital backers Bessemer Venture Partners, Union Square Ventures and Fidelity are probably pleased with the strong exit, more such debuts are unlikely in the near term.
“A lot of people are trying to force that story” that the tech IPO market has recovered, Kaylan Tildsley of Triton Research said in a phone interview. “Twilio is the third tech debut of the year, and the first of the traditional venture-backed Silicon Valley mold.”
“At the end of the day, Twilio is a good company,” she said. Triton assigned it a rating of 7.2 out of 10, ahead of the firm’s average rating of 6.5 “Solid growth, solid management, Goldman [ Sachs] brought it public” as one of the lead underwriters along with JPMorgan.
Read full article at thestreet.com
