Yext shares jumped more than 20 percent on Thursday morning in their first day on the public market.
The stock started trading on Thursday on the New York Stock exchange under the symbol YEXT.
The New York City-based start-up priced its 10.5 million share offering at $11 per share, above the expected range of $8 a share to $10 a share. The $115.5 million public offering marks the latest in a string of tech offerings that have reawakened the IPO market.
Yext provides cloud-based search technology that helps consumers “discover new businesses, read reviews and find accurate answers to their queries,” according to regulatory filings. Businesses can subscribe to Yext’s advertising and marketing services to control their “digital presence.”
Yext posted revenue of $124.3 million in the latest fiscal year, up from $89.7 million the prior year. But the company posted a net loss of $43.2 million, wider than the $26.5 million loss the previous year, amid swelling sales and marketing costs.
A slew of enterprise technology companies, from MuleSoft to Alteryx to Okta, have gone public in recent months. It’s a marked uptick from 2016, when only 30 IPOs priced in the first half of the year, the lowest level since 2009, according to Proskauer’s 2017 IPO study.