The next Cloud King?
Anaplan's (PLAN) CEO, Frank Calderoni, spoke to TheStreet about the cloud company's IPO.
TheStreet's Jacob Sonenshine reported on the company's IPO as the first trade happened.
"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," wrote Sonenshine.
"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," he continued. "Based on about 105 million outstanding shares, the stock's market cap is about $2.26 billion."
Calderoni broke down the cloud business of the company and why his company won't compete with the likes of Amazon's cloud.