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Software firm Twilio soars 60% on market debut Software firm Twilio soars 88% on first day of trading
(about 4 hours later)
Software firm Twilio has seen its share price rise more than 60% on its first day of trading on the public markets. Shares in software firm Twilio have soared almost 88% on their first day of trading in New York.
Its performance has revived investors' hopes in the US tech sector. The IPO is the first this year by a so-called technology "unicorn" - start-ups valued at more than $1bn (£700m).
Twilio's stock market listing is the first this year by a so-called technology "unicorn", the term for a start-up valued at over $1bn (£700m). Twilio's platform that enables developers to incorporate phone calls and text messages into their apps.
Twilio is a platform that enables developers to incorporate phone calls and text messages into their apps. Shares were priced at $15 but closed at $28.19, valuing the company at more than $2bn.
It is used by companies like Uber, OpenTable and WhatsApp. Taxi app Uber uses Twilio software to keep the real numbers of drivers private when passengers call or text them. Its software is used by companies including OpenTable, WhatsApp and Uber, which uses the technology to withhold the actual mobile numbers of drivers when they call passengers.
Market analysts believe that Twilio's successful entry to the stock market could be a positive sign for other "unicorns" looking to go public. The appetite for Twilio shares has revived investors' hopes in the US technology sector.
"[This year] has really been an arid desert in new issuance and equity ... I'm encouraged that the success here will spawn other IPOs [initial public offerings]," Jack Ablin, chief investment officer of BMO Private Bank told Reuters. Analysts believe that its successful debut market could be a positive sign for other "unicorns" looking to go public.
Twilio's shares reached $25.50 in early trading, giving the company a valuation of over $2bn. Jack Ablin, chief investment officer at BMO Private Bank, said: "[This year] has really been an arid desert in new issuance and equity ... I'm encouraged that the success here will spawn other IPOs [initial public offerings]."