Cloud communications company Twilio, which is about to hold the first U.S. VC-backed tech IPO of 2016, has set the expected price range for its offering at $12 to $14 per share. The company will list 10 million shares on the NYSE under the symbol TWLO and will reportedly price next week. Twilio has raised roughly $240 million in VC, including a $130 million round in July 2015 that valued it at $1.03 billion. Backers include Bessemer Venture Partners (28.5% pre-IPO stake), Union Square Ventures (13.6%) and Fidelity (6.1%). If priced at the midpoint, the IPO would generate an initial market cap of $1.07 billion, only slightly higher than the company's previous post-valuation.
Twilio grew its base revenue from $15.3 million in 1Q 2014 to nearly $50 million in the same period this year; it also saw its active customer accounts grow by 124% in that timeframe, to over 28,600. For the three months ended March 31, the company incurred a net loss of $6.5 million.