Yext has priced its IPO at $11 per share, above its expected $8 to $10 range. The New York-based enterprise tech startup, which begins trading Thursday on the NYSE under the symbol YEXT, stands to raise $115.5 million in the offering. The terms give the company an initial market cap of roughly $940 million and a fully diluted market value of over $1.3 billion.
Founded in 2006, Yext provides a platform designed to help businesses manage their digital presence in online maps and directories. The company had raised roughly $116 million in equity funding from investors including Sutter Hill Ventures (23.6% pre-IPO stake), IVP (15.9%) and Insight Venture Partners (10.3%). Its most recent equity funding was a $50 million round in 2014 at a $525 million valuation.
With Yext's announcement, all five of the year's biggest VC-backed IPOs in the US have priced at the top or above its expected range (a sign of strong initial demand for the stock):
Founded in 2006, Yext joins a short list of New York companies that have gone public over the last few years. The Empire State is home to its fair share of startups, but just 19 VC-backed companies headquartered in New York have
completed IPOs since the beginning of 2012, per PitchBook data. That list includes online marketplace Etsy (NASDAQ: ETSY) and online lender OnDeck (NYSE: ONDK)—both of which had disappointing public offerings and have since performed poorly on the stock market.
Check out our previous IPO coverage
right here, and learn more about Yext in its