Twilio, a Web communications company reportedly valued at more than $1 billion after a financing last year, raised $150 million in its initial public offering today, according to a press release.
The San Francisco-based company sold 10 million shares for $15 each, higher than its expected range of $12 to $14 a share. The company raised almost $130 million in a financing in May 2015, according to a regulatory filing. The Wall Street Journal says the company last sold shares for $11.31 each in a private financing, valuing it at more than $1 billion.
Twilio’s shares are set to begin trading Thursday on the New York Stock Exchange under the symbol TWLO.
Twilio sells an interface that helps Web developers embed things such as voice, messaging, and video services in their applications. Twilio closed its first institutional round in 2009, as Xconomy’s Greg Huang reported, attracting venture firms such as Founders Fund. The company received a $12 million Series B a year later.
Techstars Ventures invested in Twilio in 2009 through its seed fund, and the company is the firm’s first investment to go public, according to a written statement from David Cohen, Techstars’ founder.
“This news is especially exciting because IPO activity for VC-backed startups has been extremely low in 2016, a rate that I expect to continue throughout this year,” Cohen wrote in the statement. “Twilio is a great example of a company executing tremendously well on its vision and delivering a beautiful set of products that solves real problems.”
