Thursday 23 June 2016 5:42 pm

This unicorn is leaping on its IPO

Tech bubble? What tech bubble?

Twilio shares have surged on its IPO, leaping as much as 70 per cent on its debut on the New York Stock Exchange.

Shares surged as high as $25.50 after pricing at $15 per share, giving it a market capitalisation of more than $2bn

Read more: These are the seven fintech startups being backed by Mastercard

Twilio, founded in 2008 in San Francisco, is an online voice, video and text cmmunications software platform that is used by WhatsApp and Uber among others.

The number of unicorn companies – those with private valuations of more than $1bn – has surged, however, these valuations have largely remained untested on the public markets in recent months – This is the first venture-backed tech IPO of the year.

Read more: Another corporate finance firm is launching a fintech venture arm

Square, the payments firm run by Twitter chief executive Jack Dorsey, was t the last private tech comapny to make its debut last November. Priced at $9 per share, it popped more than 50 per cent, however, shares have traded as high as $15.91 per share and as low as $8.06 per share.

Investors are looking at Twilio, which is yet to make a profit but is growing revenue quickly, to smooth the way for further public offerings.