5/17, 7:15 PM (Source: TeleTrader)
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Chart for: Fastly Inc

Fastly launches Wall Street IPO, shares skyrocket

American cloud computing service provider Fastly debuted on the New York Stock Exchange on Friday and promptly saw its stock rise at breakneck speed, media reported.

The company, which operates a content distribution network with data center infrastructure across the globe to provide photos, videos and other information more quickly, commenced trading under the symbol FSLY. Its stock was initially valued at $21.50 per share, but it subsequently rose 52.25% to go for $24.35 per share at 1:15 pm ET. The company released the prospectus for its initial public offering on April 19 and issued an updated prospectus on May 6 in which it estimated that its shares could be sold for between $14 and $16 in the IPO. It previously recorded a $30.9 million net loss on $144.6 million in revenue in 2018.

Fastly's public debut continues a busy day for new entrants on Wall Street. Earlier today, Chinese chain Luckin Coffee started trading for the first time on the Nasdaq at $25 per share while bio-pharma technology company Avantor Inc. also debuted on the New York Stock Exchange at $14.80 per share.

Breaking the News / DZ