Sumo Logic Shares Jump in Initial Trading After IPO - TheStreet

Sumo Logic Shares Jump in Initial Trading After IPO

Shares of Sumo Logic were up double digits after the data-analytics provider's initial public offering.
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Shares of Sumo Logic climbed after the data-analytics provider's initial public offering.

The shares opened at $26.64, ahead of the $22 at which it priced the IPO. The $22 price was also up from the $17-to-$21 range the company estimated when it filed for its IPO. 

At last check Sumo Logic shares were up 16% at $25.48. 

Sumo Logic sold 14.8 million shares, giving the company a market valuation of $2.17 billion based on the shares outstanding listed in its filings. 

The Redwood City, Calif., company’s listing comes on the heels of two other recent IPOs, Snowflake  (SNOW) - Get Report and JFrog  (FROG) - Get Report, that leaped in their trading debuts Wednesday.

Snowflake more than doubled out of the gate on Wednesday, kicking off trading at $245 a share from its already lifted IPO price of $120, solidifying it as the largest software-focused IPO ever. 

Shares of Snowflake recently were trading down 11% at $224.85.

JFrog also made a successful debut, with its shares jumping 49% to $71.27 after being priced at $44. Its estimated range was $39 to $41 a share. 

The Israeli software-management-technology provider on Monday had raised its proposed price range from a prior estimate between $33 and $37. At last check its shares were trading off 1.9% at $63.59.

The Renaissance IPO exchange-traded fund  (IPO) - Get Report was recently at $48.40, down 2.3%.

As for Sumo Logic, the company reported that for the six months ended July 31, it had a loss of $1.93 a share, narrowed from $2.13 a share in the year-earlier first half.

Revenue rose 38% to $96.6 million from $70.2 million.  

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