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)