Digital location management company Yext popped in its first day of trading Thursday.
The company, which began trading on the New York Stock Exchange under the symbol "YEXT" ticked up about 25%, or $2.76 per share, to $13.83 per share. The company priced 10.5 million shares at $11 per share (above $8 to $10 range), and had a market cap of around $1.3 billion.
Yext raised about $115 million in the offering.
Yext's platform allows businesses to sync more than 100 services, including Apple's (AAPL - Get Report) Apple Maps, Microsoft's (MSFT - Get Report) Bing and Cortana, Facebook (FB - Get Report) and Instagram, Alphabet's (GOOGL - Get Report) Google Maps, among others.
An excerpt from their S-1:
For example, in food service, the address, phone number or menu details of a restaurant; in healthcare, the health insurances accepted by a physician or the precise drop-off point of the emergency room at a hospital campus; or in finance, the ATM locations, retail bank holiday hours or insurance agent biographies. We believe a business is the ultimate authority on its own digital knowledge, and it is our mission to put that business in control of it everywhere.
Yext had a net loss of $26 million in 2016 compared to a $17 million loss in 2015. It did however grow revenues to $89.7 million in calendar 2016, compared to $60 million in 2015.
The New York, company is backed by WGI Group, SV Angel LLC and Sutter Hill Ventures, among other venture firms. In total, it has raised $117 million, according to Crunchbase.
The company's CEO and founder is Howard Lerman. Lerman is an entrepreneur having founding a handful of companies including Confide, which provides corporate users with the means to deliver untraceable messages. Lerman the co-founded Confide with former AOL executive Jon Brod.
Morgan Stanely, JPMorgan and RBC are lead underwriters.