PagerDuty seeks $1.69 billion valuation in its upcoming IPO and raises its price range, even as Lyft falters on the public markets
- On Tuesday, IT unicorn PagerDuty raised the price range for its upcoming IPO to $21 to $23 per share, up $2 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 $1.69 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 $21 to $23 per share, up $2 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 $1.69 billion at its IPO. The company was last valued at $1.3 billion after raising $90 million in Series D funding in the fall.
If PagerDuty prices at $23, the company could raise a total of $240 million, assuming the underwriting banks buy their allotments in full.
Read more: Harvard researchers say that Lyft investors will likely come to regret giving the cofounders so much control with so little stock
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 $62 and $68, before raising its range and going public at $72 per share. After market close on Tuesday, Lyft traded st $67.37.
Like PagerDuty, IPO candidate Zoom was not deterred by Lyft's crash. On Monday, the video conferencing company priced its IPO at $28 to $32 per share, which could give the company a valuation of $8.35 billion on the high end of its range. Zoom is expected to start trading next week.
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