initial public offerings (IPOs) trading on American exchanges

Friday, March 10, 2017

Presidio (PSDO) began trading on Nasdaq on 10 March 2017

 Technology unicorn Presidio (PSDO) began its first day of trading Friday by debuting below its offer price, showing subdued investor reaction following the more splashy initial public offering of Snapchat operator Snap (SNAP).
Late Thursday, Presidio raised $233 million, pricing 16.7 million shares at 14 each and the low end of its estimated range of 14-to-16. Presidio stock opened at 13.50 on the stock market today, climbed as high as 14.36, closing up 1.8% at 14.25.
Apollo Global Management holds a majority of the shares in Presidio.

Presidio specializes in digital infrastructure, cloud computing and security solutions, with about 7,000 business and government customers. For the fiscal year ended June 30, Presidio reported revenue of $2.7 billion, up 14%, and a net loss of $3.4 million, vs. a net loss of $29.4 million the previous fiscal year. It competes against information technology giants such as Hewlett Packard Enterprise (HPE), IBM (IBM) and Accenture (ACN).

Presidio came to market with a valuation of about $1.3 billion, making it the first tech unicorn to go public since the much-larger Snap did last week.

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