Yext, a 10-year-old enterprise tech business that manages “digital knowledge” — mmmkay! — started trading this morning on the New York Stock Exchange at $14 per share, up by more than 27 percent from its IPO price of $11 per share.
The company was valued at around $940 million last night, MarketWatch reports, after selling 10.5 million shares to investors for approximately $115 million. Yext originally set its expected price range between $8 and $10 per share.
Based in New York, Yext helps large chains like T-Mobile, Denny’s, and Ben and Jerry’s manage their individual listings across search engines, directories, social networks, and apps.
Yext’s IPO won’t make or break the New York tech scene, but the U.S. financial hub has struggled to maintain its image as a blossoming tech city since the days of Mayor Bloomberg. A successful Yext IPO will go a long way in helping the city assert itself as Los Angeles attracts hype with Snapchat and Hollywood-friendly businesses like virtual reality.