ON24 Inc, the San Francisco, California-headquartered tech start-up that markets products and services based on webcasting, virtual events alongside environment technology, primarily backed by the leading US lender Goldman Sachs, spiked as much as 54 per cent at its US public market debut on Wednesday, proffering the webinar-marketing platform a market valuation of more than $3.42 billion.
If truth is to be told, Wednesday’s stellar public market debut of the Californian technology company, backed by Gold Hill Capital, US Venture Partners, Canaan Partners and Rho Ventures apart from Goldman Sachs, came forth as a swathe of tech start-ups have been mulling a US public market entrance in a bid to capitalize the strongest US IPO (Initial Public Offerings) market in more than half a decade.
ON24 Inc surges 54 per cent in US public market debut
On top of that, shares’ prices of the California-based webinar-marketing platform had opened at $77 apiece, well above its IPO tag of $50 per share, however, after paring some of earlier gains at late-afternoon trading what apparently had stemmed off profit-taking attempts, shares’ prices of ON24 Inc wrapped up the day 8.03 per cent down to $70.82 per share.
Apart from that, the San Francisco-headquartered tech start-up had sold off nearly 8.6 million shares at its Initial Public Offerings a day earlier, raising a stark upsum of $428 million. In actuality, ON24 Inc came into existence back in the 1998s and had enabled people to host virtual events on its platform while helping create webinars.
Nonetheless, the company had received a boost in early-2019, while it had received a $25 million in fresh financing from the leading US lender Goldman Sachs. Meanwhile, following an upbeat US public market debut, ON24 Inc Chief Executive Officer and founder Sharat Sharan said to the reporters, “We were doing really well and then the market came to us. Companies have gone through ten-year worth of transformations in ten months. ”