Shares of Sprinklr (CXM) , a customer experience software maker, rose in their first day of trading on the New York Stock Exchange.
Sprinklr priced 16.6 million shares at $16, raising $266 million. It had estimated a sale of 19 million shares at $18 to $20.
The shares opened at $14.60 and began rising around midday. At last check they were up 4.1% at $16.66.
The $16 price gives Sprinklr a market capitalization of about $4 billion based on the shares outstanding listed in its Securities and Exchange Commission filings, Bloomberg reports.
For the year ended Jan. 31, Sprinklr posted a net loss of $41 million, widening from $39 million a year earlier. Revenue increased 19% to $387 million from $324 million.
In other software news, analysts lauded Oracle’s ORCL growth last week but expressed concern about its valuation.
Citi analysts remained neutral with an $80 price target. The quarter ended May 31 featured "accelerating back-office cloud application growth and stable infrastructure performance," they said. “But the biggest drivers of revenue upside were from lower-quality factors."
The fourth quarter showed "growth, but a less reasonable price."
Also earlier this month, several analysts cut their price targets for Coupa Software (COUP) after the latest earnings report report for the finance-management platform raised questions about its pace of billings growth.
Morgan Stanley analysts lowered their price target to $381 from $395.