PaperDuty (NYSE: PD) launched its initial public offering on Thursday on the New York Stock Exchange. Following the launch, PaperDuty saw its stock price surge by 58% during mid-day.The San Francisco-based tech company announced on Wednesday that it would list its shares at USD 24 per share, above the expected range of USD 21 to USD 23 per share. The first trade for PaperDuty was executed late Thursday morning at USD 36.75.PaperDuty offered 8.5 million shares to raise USD 204 Million during its IPO launch. The Company was valued at approximately USD 1.8 Billion based on its IPO listing stock price.
PaperDuty is a cloud computing company that produces Software-as-a-Service (SaaS) incident response platforms for IT departments. The stage goes about as a focal framework for computerized undertakings, breaking down billions of signs crosswise over basically any information source, streamlining work processes, and enabling organizations’ reaction, as indicated by PaperDuty’s site. Over 11,000 businesses use PaperDuty’s platform spanning over 350,000 employees. Major companies that use PaperDuty’s platform includes Box (NYSE: BOX), Slack, Gap (NYSE: GPS), and Panasonic.
Last year, PaperDuty reported revenue of USD 118 Million, increasing by 48% year-over-year. Despite the growth in revenue, PaperDuty reported a loss of USD 41 Million, which was only USD 3 Million higher than the previous year. Early investors such as Michael Dearing, Steve Anderson, Andreessen Horowitz, Bessemer Venture Partners and Accel stand to profit from its offering. PagerDuty also represents the second-ever public offering for startup accelerator Y Combinator; Dropbox was the first, according to Forbes. PaperDuty is among the handful of tech IPOs expected to launch this year. Lyft (NASDAQ: LYFT) launched its IPO several weeks, but its stock price has been bearish since. Other major private companies such as Postmates, Pinterest, Slack, Airbnb, and Uber are expected to go public in 2019.