Q2, which provides network security software to financial institutions, priced its IPO at $13 and sold 7.8 million shares to raise $101 million. The company had set an initial expected price range of $11 to $13. Of the shares sold, 6.5 million were from the company and 1.5 million were from prior investors.
Q2's IPO is one of the first in what could be a resurgence in tech IPOs in the next several weeks. Paylocity (PCTY - Get Report), another tech company, had its first day of trading on Wednesday and surged more than 40%.
As of 10:23 a.m., the stock had hit a high of $17.38.
Must Read: Why Hewlett-Packard (HPQ) Is Gaining Today