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The stock opened at $26.64 per share, giving the company a valuation of $2.63 billion, compared with the IPO price of $22 per share.
This comes a day after Warren Buffett-backed Snowflake Inc ‘s (N:SNOW) shares more than doubled on debut after the data warehouse company raised $3.36 billion in the biggest U.S. listing of 2020.
Sumo Logic, which raised $325.6 million in its upsized IPO, is the latest successful debut in a hot IPO market, where demand for new listings remains high after COVID-19 pandemic-induced market volatility forced many companies to halt their IPO plans earlier this year.
For the year ended Jan. 31, the company posted a wider loss of $92.1 million from $47.8 million a year earlier. Revenue for the same period jumped about 50%.
Entities affiliated with venture capital firm Greylock will own 19% of Sumo Logic after the offering, while those linked with current stockholder Tiger Global Management indicated an interest in purchasing up to 10% of shares at the IPO price, a company filing showed earlier this month. (https://
Morgan Stanley (NYSE:MS), J.P. Morgan, RBC Capital Markets and Jefferies (NYSE:JEF) LLC served as lead underwriters for the offering.
