Sumo Logic joined the Wall Street initial public offering parade of software and enterprise companies, with shares being priced at a higher-than-expected $22 each in an offering that is expected to net the company $326 million.
Sumo Logic said it sold 14.8 million shares at the higher-than-expected pricing, giving it a market valuation of $2.17 billion, based on the outstanding shares listed in its filings. Sumo Logic had marketed its shares for $17 to $21 each.
The Redwood City, Calif.-based company’s listing comes on the heels of two other cloud-based software makers -- Snowflake (SNOW) - Get Report and JFrog (FROG) - Get Report – both of which 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. JFrog also made a successful debut, with its shares jumping 49% to $71.27 after being priced at $44.
Shares of Snowflake were down 3.52% at $245 in premarket trading on Thursday after ending the regular trading session up 111.61%. Shares of JFrog were down 3.53% at $62.50.
Investors are welcoming a slew of software and technology IPOs with open arms and pocketbooks. Unity Software lifted the expected pricing of its IPO to between $44 and $48 a share on Wednesday, while data analytics firm Palantir and workforce software firm Asana are also expected to go public later this month.
Sumo Logic are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol “SUMO.”