SendGrid, the Denver-based advertising and marketing email company, raised $131 million after pricing its IPO at $16, above the anticipated vary of $13.50 to $15.50. The company additionally upsized its IPO, promoting eight.2 million stocks, as an alternative of seven.7 million.
The company starts buying and selling Friday at the New York Stock Exchange, underneath the ticker, “SEND.”
SendGrid is helping companies ship advertising and marketing emails. It says in its IPO submitting that it has processed greater than “one trillion emails.”
Revenue for 2016 was once $79.nine million, when compared with $58.five million in 2015 and $42.three million the yr earlier than. The trade is unprofitable, dropping $three.nine million remaining yr, in comparison to $five.nine million in 2015.
According to the “risk factors” segment of the IPO submitting, SendGrid warns that “if we are unable to maintain consistent revenue or revenue growth, our stock price could be volatile or decline, and we may not achieve or maintain profitability.”
SendGrid says it competes with SparkPost, MailChimp and divisions of Amazon, Oracle and Salesforce.
The company raised at least $80 million in challenge investment, courting again to 2009. The greatest shareholders previous to the IPO had been Foundry Group, Bessemer Venture Partners, Highway 12 Ventures and Bain Capital Ventures. SendGrid were given its get started in a Techstars accelerator.
Morgan Stanley and J.P. Morgan controlled the IPO.