March 17 MuleSoft Inc's shares jumped
as much as 49.7 percent in their debut, giving the enterprise
software company a market capitalization of $3.21 billion.
The offering of 13 million shares was priced at $17 each on
Thursday - above the expected range of $14-$16 - and raised
about $221 million.
MuleSoft's shares opened at $24.25 and hit a high of $25.45
on the New York Stock Exchange in early trading.
The San Francisco-based company makes software that
automatically integrates disparate data, devices and
applications to help businesses networks run faster.
The company has more than 1,000 customers, including
Coca-Cola Co, McDonald's Corp, Salesforce.com Inc, Spotify and
MuleSoft's total revenue jumped 70 percent to $188 million
in 2016, according to its IPO filings. The company is not
profitable, but its losses narrowed to $50 million last year
from $65 million in the previous year.
However, profitability has not really been a requirement for
joining the so-called "unicorn" club - venture-backed private
companies worth $1 billion or more.
Shares of software maker Twilio Inc, which is also
not profitable, are trading at twice their IPO price.
(Reporting by Sweta Singh in Bengaluru and Heather Somerville
in San Francisco; Editing by Saumyadeb Chakrabarty)