Apple enterprise management company Jamf’s stock closed at $39.20 on Wednesday, nearly 51 percent above its IPO price.
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The company raised $468 million after pricing its shares at $26 apiece on Tuesday, higher than its already-increased range of between $21 and $23. Jamf previously set a price range of between $17 and $19. Its stock opened at opened at $46 on its first day of trading.
Jamf is one of several recent tech IPOs that has seen its stock skyrocket on its first day of trading. While the tech IPO market was basically at a standstill in the spring after COVID-19 was declared a pandemic, it’s picked up since early June.
The company reported $204 million in revenue in 2019, an increase from $146.6 million in 2018. Its losses shrunk from $36.3 million in 2018 to $32.6 million in 2019.
Jamf is a venture-backed company, but it’s a bit different than most of the other tech companies that have gone public recently. The Minneapolis-based company was founded in 2002 and private equity firm Vista Equity Partners acquired a majority stake in it back in 2017. The company’s cloud software platform helps users connect and manage Apple devices.
Illustration: Li-Anne Dias