The tech “unicorn” PagerDuty began trading on the New York Stock Exchange on Thursday.
The initial public offering priced at $24 a share, and opened for trading at $36.75 – more than 50% above the IPO price.
At $36.75 per share, PagerDuty would be worth more than $2.75 billion.
PagerDuty debuted on the New York Stock Exchange Thursday at $36.75 a share — more than 50% above the initial public offering price. Thursday’s opening surge gave PagerDuty a $2.75 billion valuation.
The cloud-computing company priced its initial public offering at $24 a share, above the range of $21 to $23 that had been expected.
PagerDuty was the third “unicorn” — or tech company with a valuation of $1 billion or more — to debut on the public markets this year. The IPO raised more $200 million.
The huge demand for the offering shows the IPO market continues to be wide open despite the early trading difficulties of ride-sharing company Lyft, which has seen shares plunge more than 16% from its IPO price of $72. Lyft’s share price suffered in the wake of rival Uber’s announcement that it was seeking a “conservative” $100 billion valuation for its own IPO.
PagerDuty, which provides early warning signs of disruptions and service outages, is a stand out in the red-hot “software-as-a-service” industry. According to the firm’s website, it has over 11,000 clients, including one-third of the Fortune 500.
PagerDuty is a rare unicorn in that it is led by female CEO, Jennifer Tejada. She has run the company since 2016 after joining from Keynote, which she also led and sold to Thoma Bravo.
PagerDuty trades under the ticker PD.