Benzinga | Feb 19, 2021 09:24AM EST

Twilio Raises $1.5B In Upsized Share Sale

* Twilio Inc. (NYSE: TWLO) raised $1.536 billion in a public secondary offering, upsized from $1 billion.

* The offering is expected to close on February 23, 2021, and underwriters have a 30-day option to procure additional shares worth $230.4 million compared to the previous limited of $150 million.

* Morgan Stanley and J.P. Morgan are the joint book-running managers for the offering.

* The company's shares have gained 246% in the last year, which prompts a capital raise to strengthen the balance sheet further.

* Twilio's cash and equivalents balance stood at $3.04 billion as of December 2020, and it generated an operating cash flow of $32.65 million during the year.

* Twilio also had an accumulated deficit of $1.17 billion on its balance sheet as of December 2020.

* Price action: TWLO shares are down 3.38% at $428.49 in the pre-market session on the last check Friday.