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Market Overview

Twilio Raises $1.5B In Upsized Share Sale

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  • Twilio Inc. (NYSE: TWLOraised $1.536 billion in a public secondary offering, upsized from $1 billion.
  • The offering is expected to close on February 23, 2021, and underwriters have a 30-day option to procure additional shares worth $230.4 million compared to the previous limited of $150 million.
  • Morgan Stanley and J.P. Morgan are the joint book-running managers for the offering. 
  • The company's shares have gained 246% in the last year, which prompts a capital raise to strengthen the balance sheet further.
  • Twilio's cash and equivalents balance stood at $3.04 billion as of December 2020, and it generated an operating cash flow of $32.65 million during the year.
  • Twilio also had an accumulated deficit of $1.17 billion on its balance sheet as of December 2020.
  • Price action: TWLO shares are down 3.38% at $428.49 in the pre-market session on the last check Friday.
 

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