SendGrid prices IPO above range, will sell more shares

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SendGrid Inc.












SEND, +0.00%










priced its initial public offering higher than expected and will offer more shares than originally planned, which will lead the email-marketing company to a total take of at least $131 million. SendGrid, which sells a software platform that helps companies manage email communications with customers, announced Tuesday evening that it will sell 8.2 million shares at $16 apiece. The 8-year-old startup had previously planned to sell 7.7 million shares at a price of $13.50 to $15.50 a share. Underwriting banks, led by Morgan Stanley and JP Morgan, have access to another 1.23 million shares that could be sold and push the total take higher. SendGrid is on track to report $100 million in annual revenue for the first time this year, and is approaching profitability after raising more than $80 million in venture investment. Shares are expected to begin trading Wednesday morning on the New York Stock Exchange.

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