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.
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.