Jim Cramer on Sumo: Every Company Wants to 'Cloud' Themselves
Sumo Logic went public.
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.
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.
This followed a hot week for IPOs.
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. 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.
Jim Cramer has some thoughts on the IPO market and Sumo Logic.
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