Talend soars after topping targets in second Bay Area tech IPO of 2016

2016-07-29 - By 

Big Data integration software company Talend on Thursday raised about $95 million in a closely watched IPO that is just the second one from a Bay Area tech company this year.

American Depositary Shares in the Redwood City company, which has roots in France, opened its first day of trading (NASDAQ:TLND) Friday up more than 50 percent.

The company late on Thursday priced 5.25 million shares at $18, above the target range of between $15 and $17 it set earlier this month. Underwriters have the option to buy an additional 787,500, so the final tally on money raised could approach $110 million.

It opened at $27.66 and traded between $25 and $28 in early trading after CEOMike Tuchen rang the opening bell on the Nasdaq exchange in New York.

The only other IPO in the region was by San Francisco-based cloud communications business Twilio, which raised $150 million last month and whose stock (NYSE:TWLO) has nearly tripled since.

Many observers believe that a strong showing by Talend, following close on the heels of Twilio’s success, could convince others waiting in the wings to make the leap.

Talend is the seventh tech IPO of 2016, according to Renaissance Capital, which said the average return of the previous six this year has topped 70 percent.

CEO Tuchen issued a statement about his company’s IPO that emphasized Talend has a long way to go to fully capitalize on the market it is addressing. Spending on software that connects and integrates data is expected grow to as much $21 billion in 2019, according to industry research firm IDC.

Talend last year lost $22 million on revenue of $76 million, compared to a $22.5 million loss on revenue of $62.6 million in 2014.

It has more than 1300 customers worldwide, including Air France, Citi, General Electric and Travis Perkins.

“We’re looking forward to maximizing the opportunity we have in front of us and building our business for long-term success,” Tuchen said.

Before going public, Talend raised more than $100 million from investors who included Galileo Partners, Balderton Capital, Idinvest Partners, Iris Capital and Silver Lake Partners.

Original article here.

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