The biggest tech initial public offering of the year is shaping up nicely.

Twilio, which provides phone and messaging support services, opened at $23.99 a share, a 60% jump from $15 a share, at which it was priced yesterday.

As of 1:3o p.m. ET, it had continued to climb to $25.77 a share – a 71.8% leap.

Shares were initially expected in the $12 to $14 range, so the firm is exceeding expectations.

The IPO will raise $150 million for Twilio through the offering of 10 million shares.

While this is an encouraging sign for the overall market after a slow start to the year, it is partially disappointing since it shows that the IPO could have priced higher initially and that the demand was underestimated.

Twilio is only the third tech IPO of the year, and it appears to be much more successful than the first, SecureWorks.

The company is trading on the New York Stock Exchange under the ticker TWLO.

Screen Shot 2016 06 23 at 1.30.03 PMYahoo Finance

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