Yext, a 10-year-old enterprise tech business that manages “digital knowledge” — mmmkay! — started trading this morning on the New York Stock Exchange at $14 per share, up by more than 27 percent from its IPO price of $11 per share.
The company was valued at around $940 million last night, MarketWatch reports, after selling 10.5 million shares to investors for approximately $115 million. Yext originally set its expected price range between $8 and $10 per share.
Based in New York, Yext helps large chains like T-Mobile, Denny’s, and Ben and Jerry’s manage their individual listings across search engines, directories, social networks, and apps.
Those big-name clients help explain Yext’s nearly $1 billion valuation, despite the company’s growing losses.
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Yext’s IPO won’t make or break the New York tech scene, but the U.S. financial hub has struggled to maintain its image as a blossoming tech city since the days of Mayor Bloomberg. A successful Yext IPO will go a long way toward helping the city assert itself, as Los Angeles attracts hype with Snapchat and Hollywood-friendly businesses in areas like virtual reality.
