Investors and traders looking to make a quick profit on a hot IPO have been disappointed in 2016 as new IPO listings, particularly in the technology sector, have been extremely rare.
In fact, only one technology company, Secureworks Corp SCWX saw its stock trade on the market for the first time ever in 2016.
On Thursday, technology investors were treated to the second notable IPO of the year as shares ofTwilio Inc. TWLO, a cloud communications platform company, opened for trading.
Twilio announced earlier this week it will offer 10 million shares of Class A common stock at a price of $15 per share. However, shares opened for trading shortly before 10:30 a.m. ET at $23.99 and immediately moved higher.
As of 12:15 p.m. ET, shares of Twilio were trading at $25.88, up more than 70 percent on the day. At that time, the stock was also within striking distance of its intra-day high of $26.00.
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