Banking-software provider Alkami Technology (ALKT) - Get Alkami Technology Inc. Report made its stock market debut Wednesday on the Nasdaq at $41.26 a share, 38% above the initial public offering price of $30.
At last check shares of Alkami were 52% higher at $45.99. The stock is trading under the ticker symbol ALKT.
Alkami this morning said it priced an IPO of 6 million shares at $30 to raise $180 million before expenses. The underwriters have an option on 900,000 more shares.
On Monday, the Plano, Texas, company had lifted the estimated pricing of its IPO to a range of $26 to $28 a share. The previous estimated range was $22 to $25 a share.
Alkami's cloud-based digital banking services are used by more than 160 financial institutions.
The company counts the New York investment firms General Atlantic and D1 Capital among its investors.
Alkami posted a net loss of $56.6 million for 2020, widening from $43.1 million a year earlier. Revenue reached $112.1 million in 2020, jumping 53% from $73.5 million in 2019.
It served 9.7 million users in 2020, up more than 34% from a year earlier.
Alkami says that its platform enables community, regional and superregional financial institutions "to compete with large, technologically advanced and well-resourced banks in the U.S.,” the company said in its prospectus.
The offering is set to close on Friday. Goldman Sachs, JPMorgan Chase and Barclays are lead bookrunning managers for the offering.