Twilio Raises Market Cap To $2.4B In Public Debut by PitchBook
Listing shares on the NYSE under the symbol TWLO, Twilio priced its IPO at $15 per share, a dollar above its expected $12-$14 range. The pricing upped the company’s value to $1.23 billion, but the good news didn’t stop there.
Twilio’s stock opened trading Thursday at $23.99 and closed at $28.79, representing an almost 92% hike in its public debut. The day, which left the company with a market cap of nearly $2.4 billion, is what many in the industry had hoped for. Not since November had a U.S. VC-backed tech company—and unicorn nonetheless—completed an IPO, and the valuation growth over Twilio’s most recent private round is sure to ease some anxiety.
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Whether Twilio’s successful IPO will lead to other VC-backed tech companies going public is yet to be seen, but investors with their money tied up in other late-stage companies must have let out at least a small sigh of relief.