Fastly Jumps After Raising $180 Million in IPO at Top of Range

May 16 2019, 10:39 PMMay 17 2019, 2:55 PMMay 16 2019, 10:39 PMMay 17 2019, 2:55 PM

(Bloomberg) -- Software provider Fastly Inc. climbed in its trading debut Friday after raising $180 million in its U.S. initial public offering, pricing its shares at the top of its targeted range.

San Francisco-based Fastly opened at $21.50 and climbed 40% from its IPO price to $22.41 at 10:38 a.m. in New York, valuing the company at about $2.1 billion. Fastly sold 11.25 million shares Thursday for $16 each, after marketing them for $14 to $16, according to data compiled by Bloomberg.

Fastly’s so-called edge cloud platform is designed to be programmable and support software development, according to its filing. The company lost $31 million on revenue of $145 million last year, compared with a loss of $32 million on revenue of $105 million in 2017.

The offering was led by Bank of America Corp., Citigroup Inc. and Credit Suisse Group AG. The stock is trading on the New York Stock Exchange under the symbol FSLY.