(Bloomberg) -- Software provider Fastly Inc. closed its trading debut Friday up 50% after raising $180 million in its U.S. initial public offering.
San Francisco-based Fastly sold 11.25 million shares for $16 each after marketing them for $14 to $16. The stock opened trading in New York Friday at $21.50 and rose as much as 60%. The shares closed at $23.99, valuing the company at about $2.2 billion.
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.
To contact the reporter on this story: Michael Hytha in San Francisco at mhytha@bloomberg.net
To contact the editor responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net
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