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Email marketer SendGrid up 13% following IPO

Email marketer SendGrid up 13% following IPO
From TechCrunch - November 15, 2017

Marketing email companySendGrid had a decent first day on the New York Stock Exchange on Wednesday. After pricing shares at $16, the company closed at $18.03, or up almost 13%.

The Denver-based company had raised $131 million after pricing its IPO at$16, above the expectedrangeof $13.50 to$15.50. SendGrid also upsized its IPO, selling 8.2 million shares, instead of 7.7 million.

SendGrid helps businesses like Spotify or Airbnb send email confirmations, password reminders and more. The company says it has processed more than a trillion emails, including over a billion per day.

Sameer Dholakia, CEO at SendGrid told TechCrunch that most of the companys growth is organic. Customers are usually coming to SendGrids website on their own volition, without having been approached by sales reps.

The customers start out with a free trial and then end up paying a monthly fee to use SendGrid services.SendGrid competes with SparkPost, MailChimp and divisions of Amazon, Oracle and Salesforce, but Dholakia likes to think SendGrid has the Kleenex brand, or the most known name in the business.

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