- Software company Jfrog leapt 62% after raising $509 million in its upsized initial-public-offering on Wednesday.
- The technology tools provider, that counts the top 10 largest tech firms in the Fortune 100 as clients, priced 11.6 million shares at $44 each, valuing the company at about $5 billion.
- JFrog’s shares began trading on the Nasdaq Global Select market under the ticker symbol “FROG” on September 16.
- The company’s float joins a list of other hot tech IPOs this week, including billionaire-backed cloud unicorn Snowflake that raised $3.4 billion in its record-breaking software IPO.
- Visit Business Insider’s homepage for more stories.
American-Israeli technology provider JFrog soared 62% in its Nasdaq debut on Wednesday, after its upsized IPO raised $509 million.
The “liquid software” company’s shares traded as high as $77 after it priced 11.6 million shares at $44 each. The stock closed at $64.79, valuing JFrog at $5.7 billion.
Founded in 2008, California-based JFrog develops tools to produce and maintain apps for customers including the 10 largest tech firms in the Fortune 100. Amazon Web Services, Google, Netflix, Spotify, and Slack feature on its roster of clients.
According to a Securities and Exchange Commission filing, the company intended to sell 8 million shares while investors would sell a further 3.6 million shares. These were offered at $39 to $41 per share, lifted from its prior pricing of $33 to $37.
JFrog’s shares began trading on the Nasdaq Global Select market under the ticker symbol “FROG” on September 16.
Read More: GOLDMAN SACHS: The explosive rally in high-growth tech stocks may have put some fund managers in breach of SEC restrictions. Here are 6 strategies to correct course and continue delivering strong returns.
CNBC’s “Mad Money” host Jim Cramer has said JFrog is “another terrific company with a stock that’s simply too hot to handle right now. It’s sizzling.”
“We live in a world where everybody’s trying to digitize,” he said. “Either you embrace technology to better engage with your customers and manage your employees, or you become somebody else’s lunch.”
JFrog’s market debut joins a list of fresh technology IPOs this week, including cloud unicorn Snowflake netting $3.4 billion in its record-breaking software IPO.
Excitement around JFrog and Snowflake is part of a broader trend among businesses of setting up networks on web-based platforms.
Others include Unity, a video-game-software firm, that is expected to raise $950 million, and Sumo Logic, a data-software platform expected to raise $281 million.