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Shares of one of the year's hottest tech IPOs are crashing after it said it wanted to sell more stock (TWLO)

Twilio's stock is down roughly 10% in midday trading on Monday, after the tech company announced plans to sell more equity in a follow-on stock offering. Twilio, which provides phone and text message services to app developers, went public in June in a blockbuster debut that saw its shares surge 90% on its first day of trading. The IPO was a standout in an incredibly slow market his year (although enterprise tech company Coupa saw its shares more than double in its Wall Street debut last week.
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