SendGrid, Inc. said on Friday that it had closed its initial public offering of 9.43 million shares of common stock.
This includes 1.23 million addition shares that the underwriters exercised an option to buy at the public price of $16 per share, the company said.
SendGrid, the provider of a cloud-based email delivery solution, raised $131 million during its first day on the market last week.
The Denver-based firm hopes to further develop its email solutions and expand internationally, with a particular eye toward the Asia-Pacific and Latin America, says CMO Scott Heimes.
“We believe email is going to be around for a very long time,” Heimes adds. “Email serves as the system of record for our digital lives, and it’s a tremendously effective marketing channel as well.
According to Investors Business Daily, SendGrid’s stock rose 2.7% to close on $18.61 on Friday. It is being traded on the New York Stock Exchange under the symbol SEND.
The first’s revenue for the first nine months totaled $80.2 million, “which is higher than its entire 2016 sales,” The Denver Post reports.
In another market development, SailPoint Technologies, a vendor of an open identity management platform, raised $240 million in an IPO issued last Thursday, Investors Business Daily reports.
The SendGrid IPO was managed by Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC. Acting as co-managers were William Blair& Company, L.L.C., KeyBanc Capital Markets Inc., Piper Jaffray & Co. and Stifel, Nicolaus & Company, Inc.
Asked to comment on the IPO effort, SendGrid CEO Sameer Dholakia said, according to Business Insider. "It’s been insane but also insanely fun. What's hard is your days are stacked. You start at 7:30 in the morning and are going until the last meeting ends late in the evening. You're probably in at least two cities on any given day, sometimes three. It's certainly not for the faint of heart."