Twilio on Thursday showed itself to be a standout in a tepid IPO market.
Shares of the San Francisco-based cloud communications company nearly doubled on their first day of trading, closing up 92 percent at $28.79. The company sold 10 million shares at $15 per share on Wednesday, above the $12 to $14 range it was expecting the stock to be priced at.
The stock's rise in regular trading gave Twilio a market value of about $2.4 billion. The company plans to use the proceeds for hiring and corporate investments.
Twilio, which helps companies communicate with their customers through mobile and web apps, counts software maker Box, department store Nordstrom and ride-hailing company Uber among its customers. Twilio is only the third tech company to go public this year, according to Reuters, as companies are hesitant to list shares in a market plagued by volatility and interest rate uncertainty.
The stock is listed on the New York Stock Exchange under the ticker symbol "TWLO."