Shares of Twilio Inc. TWLO, +7.73% dropped 3.9% in premarket trading Friday, to pull back from the previous session’s record close, after the cloud communications platform said the value of its public stock offering was upsized by more than 50%. The company said Friday a public offering of Class A common stock priced, for proceeds of $1.54 billion. That compares with plans announced late Thursday for the sale of $1 billion in common stock. The planned offering came after the stock rallied 7.7% to close Thursday at a record $443.49, after the company reported better-than-expected fourth-quarter results. Based on Thursday’s closing price, the offering implies Twilio sold 3.46 million shares, which would represent about 2.3% of the shares outstanding. The stock has soared 50.0% over the past three months through Thursday, while the S&P 500 SPX, -0.44% has gained 9.3%.
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