Shares of Upwork (UPWK) soared on its first day of trading Wednesday with an initial public offering that raised $187 million.
The Upwork IPO priced 12.5 million shares at 15. That was above the estimated price range of 12 to 14, which was upwardly revised from a previous range of 10 to 12.
The Upwork IPO listed on the Nasdaq under the ticker UPWK. Priced at 15, shares opened at 23 for a 53% gain. Shares of Upwork closed 21.18, up 41% on the stock market today.
Upwork provides an online platform that connects freelancers with businesses, where they can collaborate remotely.
“Freelancers are an increasingly sought-after, critical, and expanding segment of the global workforce,” said the Upwork IPO prospectus.
For the 12-month period ended June 30, the Upwork platform was used for 2 million projects between approximately 375,000 freelancers, totaling $1.56 billion in paid services, the company said.
For the six-month period ended June 30, Upwork reported revenue of $121.9 million, up 28% from the year-ago period. It showed a net loss of $7.2 million.
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