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Yext (YEXT) Shares Soar Over 25% in IPO
On Thursday, shares of Yext Inc. (YEXT), a “digital knowledge” company, soared over 25% in morning trading after its initial public offering.
YEXT stock started trading on the New York Stock Exchange at $14 per share, above its IPO price of $11 per share, which the company finalized last night. This means it has raised at least $115.5 million so far at a valuation of roughly $940 million. Yext initially priced its debut between $8 and $10 per share.
Founded in 2006, Yext is a New York-based tech company that helps other businesses manage their listing on directory sites like Yelp (YELP - Free Report) , Facebook , Alphabet’s (GOOGL - Free Report) Google Maps, and Foursquare. Its client list includes big names like Best Buy (BBY - Free Report) , Marriot (MAR - Free Report) , and McDonald’s (MCD - Free Report) . Yext helps companies like these make sure all of the right information is the same across all of those platforms.
Since Snap Inc.’s (SNAP - Free Report) blockbuster IPO in March, many investors have wondered which tech firms will follow. While big tech unicorns like Uber and Airbnb will likely stay private for a little while longer, smaller companies like Yext have already followed in Snap’s footsteps. Okta Inc. (OKTA - Free Report) , a developer of security and identity management software in the cloud, raised $187 million in its IPO last week, and Mulesoft Inc. , a software company that provides a platform that helps other businesses stitch together different software applications, data, and devices, rose 44% in its first day of trading last month.
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