After the biotech company's initial public offering, trading opened nearly 40% higher at $23.40 before climbing more than 50% to above $26.
On Thursday, the London mental-health-care company priced its IPO at $17, upsized from its estimated range of $14 to $16 per share.
The company also increased its offering to 7.5 million American depositary receipts from 6.7 million. The company expects gross proceeds of $127.5 million from its public debut.
Compass offered all the shares in the IPO, with Cowen, Evercore and Berenberg joint bookrunning managers. The underwriters have an option on 1.13 million more shares at the IPO price.
Compass is backed by Thiel Capital, among other private investors, and is valued at about $570 million. Thiel Capital is the Los Angeles investment firm controlled by venture capitalist Peter Thiel, the co-founder of PayPal and Palantir.
The company plans to use proceeds from the share sale to fund research and clinical trials and develop digital technologies to pair with its therapies.
Compass cultivates mushrooms designed to battle depression. The company is developing psilocybin, a naturally occurring psychedelic that is found in mushrooms.
The company's psilocybin therapy combines the substance from mushrooms with psychological support.
A lot of the value of Compass is tied to a drug that is still illegal in the U.S.
Compass joins cannabis companies that are growing their businesses with products that remain illegal under U.S. federal law.
IPOs have been hot in 2020, especially tech IPOs like Sumo Logic, JFrog and Snowflake, all of which went public this week. Snowflake was the biggest software IPO ever after debuting at $245 a share, more than double its IPO price of $120.