Shares of San Francisco-based tech firm PagerDuty (NYSE: PD) opened at $36.75, up 53% from its IPO price of $24 on its first day of trading on NYSE. PagerDuty increased its IPO price range from $19 to $21 to a range of $21 to $23 on Tuesday. Market watchers expected the $1.8 billion valued company to open up between $30 and $32.
Yesterday, PagerDuty announced that its 9.07 million shares of common stock will be priced at $24 per share. Morgan Stanley and J.P. Morgan Securities acted as lead book-running managers for the offering. RBC Capital Markets and Allen & Company acted as joint bookrunners.
According to Crunchbase, the 10-year old software maker had raised over $170 million in six rounds of funding before going public. This includes investments from Andreessen Horowitz, Bessemer Venture Partners and Accel Partners.
For the fiscal year 2019 ended on January 31, 2019, net loss was $40.7 million compared to a net loss of $38.1 million in the previous year. Revenue grew 48% year-over-year to $117.8 million.
PagerDuty’s global customer base at the end of fiscal year 2019 grew to 11,212 from 9,793 at January 31, 2018. One-third of this customer base includes Fortune 500 companies. No single customer represented 5% or more of the company’s revenue for the fiscal year ended January 31, 2019.
PagerDuty’s SaaS-based solution provides insights to customers about their business performance, evaluates their applications and automate them, and increase their productivity.
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