Yext prices IPO above offering range
Yext is the latest tech company to price its IPO, raising over $115 million tonight by pricing 10.5 million shares at $11 a piece. That's above the top of its proposed $8-$10 per share range, giving it an initial market cap of around $940 million and a fully-diluted value north of $1.3 billion. It will begin trading tomorrow on the New York Stock Exchange under ticker symbol YEXT.
What it does: Yext is a New York-based "knowledge engine" that helps local businesses sync their data across services like Yelp, Apple Maps and Instagram. So consider it at the retail intersection of local, social, mobile and physical.
Trend: This is just the latest in a mini-burst of enterprise tech IPOs, following companies like MuleSoft and Okta. It's worth noting, however, that the activity increase is more reflective of last year's dearth of such offerings than a volume increase over historical norms. In other words, it's all relative.