Twilio, a cloud communications startup that lost $35.5 million last year, on Monday set terms for its initial public offering. This means that we could be less than a month away from the year’s first IPO for a VC-backed “unicorn.”
The San Francisco-based company plans to sell 10 million shares at between $12 and $14 per share. Were it to price in the middle of its range, Twilio would have an initial market capitalization of approximately $1.07 billion. That’s just a hair above the company’s last private-market valuation of $1.03 billion, which it received after raising $130 million in VC funding last summer.
Overall, Twilio has raised around $240 million in VC funding from firms like Bessemer Venture Partners (28.5% pre-IPO stake), Union Square Ventures (13.6%), Fidelity (6.1%), Amazon, 500 Startups, Altimeter Capital, DFJ, Founders Fund, K9 Ventures, Kapor Capital, Lowercase Capital, Redpoint Ventures, Salesforce Ventures and T. Rowe Price.
Twilio plans to go public on the NYSE under ticker symbol TWLO, with Goldman Sachs (GS) and J.P. Morgan (JPM) serving as lead underwriters. It has a dual-class stock structure.