Analytics firm Amplitude valued at $5 bln as shares jump in Nasdaq debut
28/09/2021 17:39
Sept 28 (Reuters) - Shares of Amplitude Inc AMPL.O opened
nearly 43% above their reference price in Nasdaq debut on
Tuesday, notching up a valuation of about $5 billion for the
Benchmark Capital-backed analytics company.
San Francisco-based Amplitude, which confidentially filed
for a direct listing in July, was valued at $4 billion after a
funding round in June.
Stock of the company, which is also backed by Tencent
Holdings Ltd 0700.HK , Sequoia Capital and Singapore's
sovereign wealth fund GIC, opened at $50 per share, up from the
reference price of $35 per share.
Amplitude is a mobile analytics company that enables
customers to optimize their products. Its customers include
Comcast-owned media company NBCUniversal, payments processor
PayPal Holdings Ltd PYPL.O , fitness products maker Peloton
Interactive Inc PTON.O and grocery delivery firm Instacart.
In a direct listing, companies are allowed to list on the
stock market without selling shares. Amplitude's co-founder and
Chief Executive Officer Spenser Skates has long been a proponent
of this alternative route to public markets.
(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini
Ganguli)
((Niket.Nishant@thomsonreuters.com;))