Enterprise cloud company Dynatrace Holdings (DT) was up nearly 60% Thursday from its initial public offering at $16 per share, well ahead of its previous guided range between $11 and $13 per share.
The company's shares were up 57.19% to $25.24 shortly after its debut. The company's first trade was at $25.31.
The company is worth more than $7 billion based on its latest price. The offering was expected to generate over $500 million in proceeds.
As of March 31, Dynatrace had more than 2,300 customers for its applications performance solutions in over 70 countries. The Massachusetts-based company reported revenue of $430.97 million. About 81% of the company's revenue in 2019 came from its subscription service.
In its most recent fiscal year, Dynatrace swung to a loss of $116.9 million after reporting a profit of $9.2 million the previous year.
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