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The company set an IPO price of $65 per share after setting a price range of between $55 and $60 per share. Its stock popped 34 percent, opening at $87.20 on Thursday, before closing at $93.39. The company raised $520 million through its IPO.
New York-based Braze raised more than $175 million in funding from investors including Blumberg Capital and ICONIQ Capital. It last raised money with an $80 million Series E led by Meritech Capital, and was valued at $850 million.
At Braze’s IPO price of $65 per share, the company was valued at nearly $6 billion.
Braze’s IPO comes during a busy year for the public markets, with IPO deal volume at a record high. Braze joins other venture-backed companies going public this week, including UserTesting, which began trading Wednesday, and Sweetgreen, which is expected to start trading Thursday.
Illustration: Li-Anne Dias
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