Talend, a 10-year-old company that specializes in data management and analytics software, braved the uncertain IPO market Thursday and set its price higher than anticipated.
The company said it issued 5.25 million American Depositary Shares at a price of $18 per share, above the $15-$17 range it originally declared, raising $94.5 million.
That number could still grow. The underwriters (including Goldman Sachs, Citigroup, and Barclays) have a 30-day option to purchase up to 787,500 additional shares from Talend and an unnamed “selling shareholder” at the IPO price, according to a statement by the company. Talend’s stock is slated to start trading Friday on Nasdaq under the symbol “TLND.”
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Talend sells software that helps organizations organize their existing databases and information resources; its technology enables systems for fraud detection, process automation, and business analysis, among other things. It has more than 1,300 customers, including Air France, Citi, and General Electric.
Last year, Talend generated a total revenue of $76 million. Its subscription revenue grew 39% year over year, representing $62.7 million of the total. The company isn’t profitable: it reported a net loss of $22 million for 2015.
Talend is one of only a handful of software companies to go public this year. Cloud communications Twilio (TWLO) made its debut at $15 per share one month ago, on the day of the “Brexit” vote. It closed Thursday at $42.17 per share. Line, the Japanese messaging software company, has pulled off the biggest tech IPO so far this year, raising $1.14 billion.