Yext, which provides a platform that allows businesses to sync local listings across the internet, raised $116 million by offering 10.5 million shares at $11, above the range of $8 to $10. At the IPO price Yext commands a market value of $1.1 billion and an enterprise value of $1.0 billion (4.5x LTM sales).
The company claims that its cloud-based platform, the Yext Knowledge Engine, gives its customers control over their digital presence, with access to Listings, Pages, Reviews and other features.
Yext will list on the NYSE under the symbol YEXT. Morgan Stanley, J.P. Morgan and RBC Capital Markets acted as lead managers on the deal.
