Shares of Israeli software provider JFrog jumped in their trading debut on Wednesday.
JFrog priced its initial public offering at $44, above its estimated range of $39 to $41 a share. The company on Monday had raised its proposed price range from a prior estimate between $33 and $37.
Trading opened at $71.27. At last check the shares were up 49% at $65.50.
JFrog's software-release and management technology enables software updates to occur "continuously, non-intrusively and without [users] even knowing" that the process is in progress, the company's website says.
As of June 30, the company had clients at 5,800 organizations, "including all of the top 10 technology organizations," as well as clients in financial services, retail, health care and telecom, within the Fortune 500, according to the company's S-1 filing with the Securities and Exchange Commission.
The offering consists of 11.6 million ordinary shares with JFrog offering 8 million and the rest offered by current holders.
JFrog will receive the proceeds from the 8 million shares, valued at $352 million. The deal price values all of JFrog at about $4 billion, Barron's reported.
The shares started trading on the Nasdaq under the symbol FROG. JFrog CEO Shlomi Ben Haim rang the opening bell at the Nasdaq on Wednesday.
Morgan Stanley, JPMorgan, Bank of America are acting as the lead book-running managers for the offering. KeyBanc, Piper Sandler, Stifel and others are co-managers.
For the first half of 2020, JFrog narrowed its net loss to 2 cents a share from 8 cents in the year-earlier quarter. Revenue rose 50% to $69.3 million.