Online care network Care.com is making waves on Wall Street. On the heels of its initial public offering launched Friday, the company raised more than $90 million—and counting.
The 8-year-old company connects care providers with those who need it, including an emphasis on senior care.
The company priced its initial public offering of 5.35 million shares last week at $17 per share; shares closed at $24.30 after the first day, up more than 40% from the stock’s initial opening price.
Care.com has grown steadily since its inception through initial capital raises and has broadened its reach to include 16 countries globally. The company counts 9.7 million members in its network, which has expanded services from it initial channels in child care, senior care, pet care and tutoring.
Shares are trading under the symbol CRCM on the New York Stock Exchange. Morgan Stanley, BofA Merrill Lynch, and J.P. Morgan, served as joint book-running managers for the offering, with Allen & Company LLC and Stifel as co-managers.
Written by Elizabeth Ecker