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Software maker MuleSoft soars in debut
March 17, 2017 / 3:28 PM / 8 months ago

Software maker MuleSoft soars in debut

March 17 (Reuters) - 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, Inc, Spotify and Unilever.

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)

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