The march of software- and cloud-based initial public offerings continued on Wednesday, this time with Sumo Logic, which priced its shares at a higher-than-expected $22 a piece.
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.
It also comes on the heels of other software and technology IPOs, which investors are welcoming with open 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.
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