Twilio IPO at $15 per share values the company at around $1.23 billion

Twilio, the San Francisco-based cloud communications platform for building Voice & Messaging applications, is raising much more than it expected in its initial public offering.

The tech-giant announced the pricing of its public offering of 10,000,000 shares of Class A common stock at a price of $15.00 per share – well above the $12 to $14 range the company was targeting.

The shares will begin trading on the New York Stock Exchange on June 23, 2016 under the symbol “TWLO.”

The IPO value the company at around $1.23 billion – more than what it was valued in its previous funding round.

Twilio also said that it has granted the underwriters a 30-day option to purchase up to 1,500,000 additional shares of Class A common stock from Twilio at the initial public offering price.

Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as joint book-running managers for the proposed offering. Allen & Company LLC, Pacific Crest Securities, a division of KeyBanc Capital Markets Inc., JMP Securities LLC, William Blair & Company, L.L.C., and Canaccord Genuity Inc. are acting as co-managers.

Twilio, founded in 2008, has more than 500 employees, with headquarters in San Francisco and other offices in Bogotá, Dublin, Hong Kong, London, Mountain View, Munich, New York City, Singapore and Tallinn.

The company provides a globally available cloud API that developers can interact with to build intelligent and complex communications systems.

Many companies rely on Twilio products to add communications capabilities to applications, including the likes of Uber, Lyft, Hulu, Airbnb, Walmart, and Salesforce.