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, Facebook FB, Alphabet’s GOOGL Google Maps, and Foursquare. Its client list includes big names like Best Buy BBY, Marriot MAR, and McDonald’s MCD. 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 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, a developer of security and identity management software in the cloud, raised $187 million in its IPO last week, and Mulesoft Inc. MULE, 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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