- On Tuesday, IT unicorn PagerDuty raised the price range for its upcoming IPO to $US21 to $US23 per share, up $US2 from the figures it gave previously.
- This throws some cold water on concerns that Lyft’s unstable tenure as a public company might bring the whole market down.
- At the high end of this new range, the company would have a market cap of $US1.69 billion at its IPO.
- PagerDuty is expected to start trading Thursday on the New York Stock Exchange under the ticker PD.
IT unicorn PagerDuty raised its IPO price range Tuesday to $US21 to $US23 per share, up $US2 from the figures it had originally reported when it filed to go public.
This throws some cold water on concerns that Lyft’s unstable tenure as a public company may bring the whole IPO market down.
PagerDuty, which is run by CEO Jennifer Tejada, is expected to start trading Thursday on the New York Stock Exchange under the ticker PD.
At the high end of this range, the company would have a market cap of $US1.69 billion at its IPO. The company was last valued at $US1.3 billion after raising $US90 million in Series D funding in the fall.
If PagerDuty prices at $US23, the company could raise a total of $US240 million, assuming the underwriting banks buy their allotments in full.
PagerDuty’s listing is expected nearly two weeks after Lyft went public far above its initial price range in the first big tech IPO of the year.
Though its debut was successful, Lyft spent the following week trading below its opening price on the public markets. The ride-hailing company initially priced between $US62 and $US68, before raising its range and going public at $US72 per share. After market close on Tuesday, Lyft traded st $US67.37.
Like PagerDuty, IPO candidate Zoom was not deterred by Lyft’s crash. On Monday, the video conferencing company priced its IPO at $US28 to $US32 per share, which could give the company a valuation of $US8.25 billion on the high end of its range. Zoom is expected to start trading next week.
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