Cloud company Anaplan Inc. (PLAN) popped 43% on Friday, Oct. 12, the stock's first day of trading on the New York Stock Exchange.
The stock was priced Thursday at $17 a share. It opened Friday at $24.25, before dropping slightly to $21.50 at last check, representing just a 26.51% increase on the day. Anaplan's debut came as tech stocks rebounded from two straight days of harsh selling.
Anaplan is a cloud-based business planning and performance management platform. In the IPO, the company sold 15.5 million shares, raising $263.5 million. Based on about 105 million outstanding shares, the stock's market cap is about $2.26 billion.
The lead book runners on the offering were Goldman Sachs Group Inc. and Morgan Stanley.
Anaplan said revenue for the first of of 2018 was $109.4 million, a 40% increase from the same period last year. Gross profit increased 48% in the first half of 2018 to $79.3 million.
The net loss for the first half of 2018 was $47.2 million, wider than a year-earlier loss of $16 million, according to the company's S-1 filing. One of its biggest expenses through the first half of the year, as is the case with many new companies, was marketing, which amounted to $77 million. Anaplan had $86.9 million in cash as of July 31 and no debt, although its cash pile shrunk from $110 million on Jan. 31.