Industry

Agora Shares Rise 145% on Nasdaq IPO debut

Jun 29, 2020, 10:19am2020/06/29 20:58:21 Lu Zhao

Shares of Agora<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Inc., a China and US-based real-time engagement API company, are up 145% Friday to $49.19 after it went public, according to MarketWatch.

Under the stock code API, Agora<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> is an API-powered real-time engagement platform that allows customers to embed voice and video in their applications. It raised an above-range $350 million on its Nasdaq IPO debut on Thursday, which is about 10 times its revenue of the first quarter in 2020.

SEE ALSO: Silicon Valley-based Real-Time Engagement Platform Agora.io Targets US IPO

“Our service is quite relevant in this work-from-home climate, and the feedback to our public debut today is good,” Agora<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Chief Executive Tony Zhao said. “But our focus is always on building a good company.”

Agora<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> priced its 17.5 million American Depositary Receipts at $20 per share in the debut, ahead of its expectations of $16 to $18 IPO price range.

Agora<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> reported a net loss of $36.9 million during the first quarter, compared with a loss of $13.1 million on revenue of $13.4 million last year.