Braze Closes First Day Of Trading Up 44 Percent

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Customer engagement platform Braze’s stock closed up 44 percent on its first-day trading on the Nasdaq

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The company set an IPO price of $65 per share after setting a price range of between $55 and $60 per share. Its stock popped 34 percent, opening at $87.20 on Thursday, before closing at $93.39. The company raised $520 million through its IPO.

New York-based Braze raised more than $175 million in funding from investors including Blumberg Capital and ICONIQ Capital. It last raised money with an $80 million Series E led by Meritech Capital, and was valued at $850 million. 

At Braze’s IPO price of $65 per share, the company was valued at nearly $6 billion.

Braze’s IPO comes during a busy year for the public markets, with IPO deal volume at a record high. Braze  joins other venture-backed companies going public this week, including UserTesting, which began trading Wednesday, and Sweetgreen, which is expected to start trading Thursday.

Goldman Sachs, JP Morgan and Barclays were among the underwriters for the IPO. Braze is trading on the Nasdaq under the ticker BRZE. 

Illustration: Li-Anne Dias

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