Jim Cramer on Sumo: Every Company Wants to 'Cloud' Themselves

Katherine Ross

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.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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