SendGrid Inc.’s newly minted stock opened Wednesday at $18.55 at 10:31 a.m. ET, or 15.9% above the $16 initial public offering price. The IPO had priced late Tuesday above the expected range of $13.50 to $15.50, with the company increasing the number of shares offered to 8.2 million from 7.7 million, a sign of strong demand. SendGrid, sells a software platform that helps companies manage email communications with customers, raised $131.2 million with its IPO. The stock was last up 16.6% at $18.68. The company went public at a time when the Renaissance IPO ETF has rallied 6.5% over the past three months and the S&P 500 has gained 4.2%.
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