Marketing email company SendGrid raises $131 million after pricing its IPO at $16
SendGrid, the Denver-based marketing email company, raised $131 million after pricing its IPO at $16, above the expected range of $13.50 to $15.50. The company also upsized its IPO, selling 8.2 million shares, instead of 7.7 million.
The company begins trading Friday on the New York Stock Exchange, under the ticker, “SEND.”
SendGrid helps businesses send marketing emails. It says in its IPO filing that it has processed more than “one trillion emails.”
Revenue for 2016 was $79.9 million, compared with $58.5 million in 2015 and $42.3 million the year before. The business is unprofitable, losing $3.9 million last year, compared to $5.9 million in 2015.