Liquidity Public Markets

PagerDuty Ups Range, Pricing IPO At $24 Per Share

Demand appears to be picking up for shares in PagerDuty, which is slated to list its shares on the NYSE under the symbol PD. Trading is expected to start today.

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Late Wednesday evening, PagerDuty priced its IPO at $24 per share, which values the company at roughly $1.8 billion. If all the shares allotted to the offering get placed, it could net PagerDuty and some of its extant shareholders up to $250 million in the offering.

Earlier on Wednesday, the SF-based developer of incident response tooling for software development teams filed an amended S-1 with the SEC which raised the share price it’s targeting for the IPO.

According to the filing, PagerDuty is slated to offer 8.5 million shares of common stock in a de novo offering, alongside 570,000 shares of common stock held by existing shareholders. The company also granted its underwriters the right to purchase up to 1,360,500 additional shares at the IPO price to cover over-allotments. “We anticipate that the initial public offering price will be between $21.00 and $23.00 per share,” according to the filing.

That’s up from an initial estimated range of $19 to $21 per share.

But then, in late-breaking news on Wednesday, PagerDuty priced its offering at $24 per share.

Today, PagerDuty’s CEO Jennifer Tajada rang the bell on the NYSE. This piece was published prior to the first trades in PagerDuty, but reports suggest shares may start trading at between $30 and $32.

We will update this article once the first trades go through, and again at the end of the trading day.

Illustration: Li-Anne Dias


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