HashiCorp Inc’s shares rose as much as 11% in their Nasdaq debut on Thursday, valuing the cloud software vendor at nearly $16 billion and marking one of the biggest listings in the enterprise software sector this year.
The company priced the sale of 15.3 million shares above its targeted range of $68 and $72 in its IPO, raising $1.22 billion.
Enterprise software firms such as coding platform GitLab Inc and Freshworks Inc have made strong market debuts in the United States this year, fetching valuations of more than $10 billion each.
In early 2020, HashiCorp raised $175 million in a late-stage funding round led by Franklin Templeton that valued it at $5.1 billion. It has now floated its shares in New York at more than double the valuation from its last fundraise.
Read more/Source: Reuters
