DevOps platform JFrog’s stock opened at $71.27 on Wednesday, nearly 62 percent above its IPO price.
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The company priced its shares at $44 on Tuesday, above the range it had set, and raised about $352 million in its IPO. The company initially set its price range to between $33 and $37 per share before raising it to between $39 and $41.
At $44 apiece, the company was valued at around $4 billion. JFrog ended up closing out its first day of trading at $64.79.
JFrog, which is based in Sunnyvale, California, reported $69.3 million in revenue for the first six months of this year, up about 50 percent year over year. Its losses came in at $426,000 for the first half of 2020, down 79 percent year over year.
Founded in 2008, JFrog has raised at least $226.5 million in funding from investors including Scale Venture Partners and Sapphire Ventures. Some of the largest shareholders in the company include those firms, plus Gemini Israel Ventures, Insight Partners and Dell Technologies Capital.
Next, the company will be keeping its eyes open for acquisitions and is looking to expand in the internet of things market, JFrog co-founder and CTO Yoav Landman said in an interview with Crunchbase News.
Illustration: Li-Anne Dias