Restart Technology
Agora’s above-range pricing underscores a welcoming IPO market
What are the unicorns waiting for?
In a move that highlights how open the American IPO window may be at the moment, China-based Agora priced its public offering https://www.marketwatch.com/story/agora-raises-350-million-as-ipo-prices-above-expected-range-2020-06-26]at $20 per share last night, ahead of its $16 to $18 proposed price range. (Update: https://techcrunch.com/2020/06/24/ipos-that-could-happen-soon-cannot-happen-soon-enough/]As noted here, the company has a second HQ in California.)
At $20 per share, the 17.5 million shares sold in its debut raised $350 million, a huge haul for a company that reported around 10% of that figure in Q1 2020 revenue. Provided that your humble servant is doing his Class A to ADS share conversion calculations correctly, Agora is worth about $2 billion at its https://crunchbase.com/organization/ipo]IPO price.
Agora raised https://www.crunchbase.com/organization/agora-io]well over $100 million while a private company, backed by GGV Capital, Coatue and others, according to Crunchbase data.
The Exchange is a daily look at startups and the private markets for Extra Crunch subscribers; use code EXCHANGE to get full access and https://techcrunch.com/subscribe/]take 25% off your subscription.
Agora is an API-powered company that allows customers to embed real-time video and voice abilities in their applications; appropriately, the company’s ticker symbol in America will be “API.”
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