SendGrid raises $131 million after pricing marketing email IPO at $16



SendGrid, the Denver-based advertising e-mail firm, raised $131 million after pricing its IPO at $16, above the anticipated vary of $13.50 to $15.50. The firm additionally upsized its IPO, promoting eight.2 million shares, as an alternative of seven.7 million.

The firm begins buying and selling Friday on the New York Stock Exchange, beneath the ticker, “SEND.”

SendGrid helps companies ship advertising emails. It says in its IPO submitting that it has processed greater than “one trillion emails.”

Revenue for 2016 was $79.9 million, in contrast with $58.5 million in 2015 and $42.three million the yr earlier than. The enterprise is unprofitable, dropping $three.9 million final yr, in comparison with $5.9 million in 2015.

According to the “risk factors” part of the IPO filing, SendGrid warns that “if we are unable to maintain consistent revenue or revenue growth, our stock price could be volatile or decline, and we may not achieve or maintain profitability.”

SendGrid says it competes with SparkPost, MailChimp and divisions of Amazon, Oracle and Salesforce.

The firm raised at least $80 million in venture funding, relationship again to 2009. The largest shareholders previous to the IPO had been Foundry Group, Bessemer Venture Partners, Highway 12 Ventures and Bain Capital Ventures. SendGrid bought its begin in a Techstars accelerator.

Morgan Stanley and J.P. Morgan managed the IPO.

 

 





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