Pagerduty Inc., which makes tools for software developers, raised $218 million in its U.S. initial public offering, a person familiar with the matter said.
San Francisco-based Pagerduty and current investors sold 9.07 million shares at $24 each on Wednesday, said the person, who asked not to be identified because the information wasn’t public yet. The company marketed the shares for $21 to $23, a range it had increased from $19 to $21. The IPO values the company at $1.77 billion, based on the number of shares outstanding after the offering, as detailed in regulatory filings.
The company’s backers include Andreessen Horowitz, Bessemer Venture Partners and Accel Partners. In September, PagerDuty was valued at more than $1 billion after an investment led by T. Rowe Price Group Inc. and Wellington Management.
PagerDuty had a net loss of $41 million on net revenue of $118 million for the year ended Jan. 31, according to its filings with the U.S. Securities and Exchange Commission. That compares with a net loss of $38 million on net revenue of $80 million for the same period a year earlier.
The company said it has 11,212 customers in 91 countries, including a third of Fortune 500 companies.
PagerDuty was founded in 2009 and rose to become a leader of a category of software tools known as developer operations. Its service helps alert coders to crashes and other technical problems when they arise.