Analytical firm Amplitude was valued at $5 billion as shares jump on Nasdaq debut

Texas News Today

Screen announces Amplitude’s direct listing outside the Nasdaq market on September 28, 2021 in Times Square, New York City, USA. Reuters / Brendan McDermid

September 28, 2021

(Reuters) – Shares of Amplitude Inc opened nearly 43% above the reference price on Tuesday’s Nasdaq debut, valuing the benchmark Capital-backed analytics firm at about $5 billion.

San Francisco-based Amplitude, which secretly applied for a direct listing in July, was valued at $4 billion following a June funding round.

Shares of the company, which is also backed by Tencent Holdings Ltd, Sequoia Capital and Singapore’s sovereign wealth fund GIC, opened at $50 per share, up from a base price of $35 per share.

Amplitude is a mobile analytics company that enables customers to optimize their products. Its clients include Comcast-owned media company NBC Universal, payment processor PayPal Holdings Ltd., fitness product maker Peloton Interactive Inc. and grocery delivery company Instacart.

Direct listing allows a company to be listed on the stock exchange without having to sell the stock. Amplitude’s co-founder and CEO, Spencer Skates, has long been a supporter of this alternative route to the public market.

(Reporting by Niket Nishant in Bangalore, edited by Shinjini Ganguly)

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