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Shares of cloud-computing company Twilio (TWLO)  slipped on Thursday in the wake of its announcement of a $750 million secondary share-offering.

Twilio stock was down 1.24% at $127.65 in mid-afternoon trading on The New York Stock Exchange Thursday after the San Francisco-based company said it plans to offer $750 million of its Class A stock. It also plans to offer underwriters the option to sell an additional $112.5 million in shares - roughly 6.7 million shares based on Wednesday's closing price of $129.17.

The San Francisco-based company has about 126 million shares outstanding. JPMorgan and Goldman Sachs are joint book-running managers for the offering.

Twilio said it intends to use the proceeds from the offering for "general corporate purposes, which may include the acquisition of other companies or businesses, the refinancing or repayment of debt, capital expenditures, working capital and share repurchases."

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For the year, Twilio shares have risen about 45%.

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