PagerDuty seeks $1.69 billion valuation in its upcoming IPO and raises its price range, even as Lyft falters on the public markets
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PagerDuty
PagerDuty CEO Jennifer Tejada.
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.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.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.
JPMorgan and Credit Suisse will get paid almost equal amounts for helping take Lyft public, and it's part of a growing trend for IPO feesCopyright © 2021. Times Internet Limited. All rights reserved.For reprint rights. Times Syndication Service.
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