Weave Communications IPO prices at $24 a share as company looks to raise $120 million

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Weave Communications Inc. WEAV, announced late Wednesday that its initial public offering priced at $24 a share, below the company’s expected range of $25 to $28 a share. The company intends to offer 5 million shares and would raise $120 million in the process of going public. Weave expects the shares to begin trading Thursday on the New York Stock Exchange under the ticker symbol “WEAV.” The company operates a platform that helps small businesses manage their customer communications. Weave generated $53.7 million in revenue during the first six months of 2021, up from $34.7 million in the comparable period a year earlier. The company also saw a net loss of $23.4 million during the first six months of 2021, whereas it lost $20.6 million In the first six months of 2020. Weave is coming public as the Renaissance IPO ETF IPO, -2.98% has increased 2.4% so far in 2021, while the S&P 500 SPX, -0.82% has gained 23.7% over the same span.

This article was originally published by Marketwatch.com. Read the original article here.

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