's successful IPO breaks streak of recent failed offerings

Stocks for soared 62 percent on Thursday after raising $216 million from an initial public offering, breaking the recent trend of companies that failed or underperformed while attempting to go public, reports.

The cloud-based billing company managed to pull off the successful IPO despite pricing shares toward the high end of its predicted range of between $19 and $21, selling 9.8 million shares at $22. The company initially planned on selling 8.8 million shares between $16 to $18 to raise $150 million, according to

Stock for grew to 37.25 as Thursday’s trading session began.

According to the company’s IPO filing, provides financial services for small to midsize businesses through cloud-based technology.

"Customers use our platform to generate and process invoices, streamline approvals, send and receive payments, sync with their accounting system, and manage their cash," the IPO filing read.

Ticker Security Last Change Change %
BILL BILL HOLDINGS INC. 108.57 +4.31 +4.13% had some big names backing its initial public offering, with Bank of America Securities, Goldman Sachs, Jeffries and KeyBanc Capital Markets serving as lead underwriters.


According to the company’s IPO filing, partnered with over 70 out of the 100 lead U.S. accounting firms, with partnerships including Bank of America, JPMorgan Chase and American Express.

The company had reported profits of $108.35 million for the year ending June 30, which is a 67 percent increase from the same time last year. Net losses were more stable, with $7.3 million for this year ending June 30 and $7.2 million for the same time period last year.’s successful IPO is a welcomed break from the recent trend of failed attempts of companies going public, with the WeWork debacle still fresh in investors' minds. Hollywood powerhouse Endeavor canceled its IPO efforts on Sept. 26.


Meanwhile, Peloton opened at 6.9 percent lower than its initial offer price in September, making it the third-worst IPO debut since the financial crisis in 2008, with the company's CEO John Foley expressing disappointment in how the IPO went at the time.