Cloud company Twilio announced Thursday that it plans to price its initial public offering (IPO) at $15 per share, higher than the $12-$14 per share price the company originally had targeted, according to TechCrunch.
The $15 per share puts Twilio’s value at approximately $1.23 billion.
Other startups are hoping Twilio will help boost interest and investment in tech IPOs, which ground nearly to a halt this year.
The IPO is important because there have been just three tech IPOs so far in 2016. Investors have been standoffish on tech startups after many of them reached values that seemed far out of line with the rest of the market.
Twilio is a cloud communications platform that uses APIs to allow businesses to add messaging, voice and video to web and mobile applications. As of February 2015, more than 560,000 developers use the service, according to the Wall Street Journal.Twilio is not currently profitable, according to TechCrunch, but it’s been showing solid revenue growth.
Other startups are hoping Twilio will help boost interest in tech IPOs. A few other tech companies, including Acacia Communications, are reportedly also considering IPOs soon.