Shares of Ping Identity (PING) soared in their Wall Street debut on Thursday, with the cybersecurity firm blowing past its initial public offering price with double-digit gains.
Ping's stock price opened at $18.75, 25% higher than its IPO price of $15. Shares of the cybersecurity firm went on to climb even higher, reaching $19.29, for as nearly 30% gain.
Ping appears on track to raise significantly more than the $187.5 million it had originally anticipated with its IPO, which was based on the sale of 12.5 million shares at $15.
The Ping IPO could turn out to be a big win for Vista Equity Partners, with the buyout firm having snapped up Ping for $600 million in 2016, according to the Financial Post.
Denver-based Vista will retain control after the IPO, with 80% of shares of the identity software firm.
Ping's haul from the IPO could grow by another $25 million if the lead underwriters of the deal - Citigroup, Goldman Sachs, BoFA and RBC Capital Markets - opt to exercise their option to buy up nearly 1.9 million shares in the company. Ping's IPO is set to run through Sept. 23.
Ping, which posted revenue of more than $200 million in 2018, designs identity management software that helps companies secure their data by verifying the identity of employees as they access various internal systems.