Shares of software development tools maker Atlassian Corp. surged in their trading debut, helping the battered U.S. initial-public-offering market end 2015 on a high note.
The stock climbed 32% to $27.78 after pricing above the projected range on Wednesday, at $21 a share, the first time an IPO has come above its range since September, according to Dealogic. Shares opened at $27.67 and traded in a narrow $2 range throughout the session.
Atlassian, the last company slated to IPO this year, raised its proposed price range earlier this week and added more shares to the offering, the first time a U.S. company has done so since July.
The company is set to raise $462 million, up from a maximum of $370 million when it first began shopping its IPO to investors last week. The IPO values the business at $4.4 billion. The shares trade under the symbol “TEAM.”
If it continues to be successful, Atlassian’s public debut would be a bright spot in an otherwise dim U.S. IPO market.
The U.K.-registered company, which was founded in Australia in 2002 and has a big presence in San Francisco, achieved an IPO price tag that is well above its private valuation. A handful of other tech startups, including mobile payments startup Square Inc., priced their IPOs below both their initial range and their private valuations.
Bankers, tech company founders and investors are hoping a strong Atlassian debut has broader implications for the health of the IPO market in 2016. The offering was led by bankers at Goldman Sachs Group Inc. and Morgan Stanley.
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