Analytics firm Amplitude valued at $5 billion as shares jump in Nasdaq debut

Editorial Staff

Sep 28, 2021

 

Shares of Amplitude Inc opened nearly 43% above their reference price in Nasdaq debut on Tuesday, notching up a valuation of about $5 billion for the Benchmark Capital-backed analytics company.

San Francisco-based Amplitude, which confidentially filed for a direct listing in July, was valued at $4 billion after a funding round in June.

Stock 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 the reference price of $35 per share.

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

In a direct listing, companies are allowed to list on the stock market without selling shares. Amplitude’s co-founder and Chief Executive Officer Spenser Skates has long been a proponent of this alternative route to public markets.

Spenser Skates, Amplitude CEO, poses with staff outside the Nasdaq Market in Times Square during the company’s direct listing in New York City, U.S., September 28, 2021. REUTERS/Brendan McDermid

A screen announces Amplitude’s direct listing outside the Nasdaq Market in Times Square in New York City, U.S., September 28, 2021. REUTERS/Brendan McDermid

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