Xactly (XTLY) Stock Surging in Market Debut

NEW YORK (TheStreet) -- Shares of Xactly (XTLY) are surging 20.50% to $9.64 in late morning trading on Friday, the company's first trading day on the New York Stock Exchange after its IPO.

Based in San Jose, CA, Xactly is a cloud-based compensation software company.

Yesterday Xactly announced its initial public offering of 7.04 million shares at $8 per share. Underwriters were granted a 30-day option to purchase up to an additional 1.056 million shares of common stock to cover over-allotments, if any, the company noted.

Through the offering, the company raised about $56 million.

The stock is currently trading on high volume, with more than 3.6 million changing hands as of 11:58 a.m.

More from Markets

Cryptocurrencies Could 'Bring the Internet to a Halt', Central Bank Agency Warns

Cryptocurrencies Could 'Bring the Internet to a Halt', Central Bank Agency Warns

Volkswagen's Audi CEO Arrested in Diesel Emissions Probe

Volkswagen's Audi CEO Arrested in Diesel Emissions Probe

China Trade War, Google, JD.com, Tesla, Brooks Koepka - 5 Things You Must Know

China Trade War, Google, JD.com, Tesla, Brooks Koepka - 5 Things You Must Know

Global Stocks Retreat as U.S.-China Trade War Intensifies

Global Stocks Retreat as U.S.-China Trade War Intensifies

Billionaire Investor Tim Draper Explains Why Bitcoin Will Hit $250,000 in 2022

Billionaire Investor Tim Draper Explains Why Bitcoin Will Hit $250,000 in 2022