Shares of Agora 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 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.
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“Our service is quite relevant in this work-from-home climate, and the feedback to our public debut today is good,” Agora Chief Executive Tony Zhao said. “But our focus is always on building a good company.”
Agora 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 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.