The stock closed at $64.79, valuing the company at $5.7 billion.įounded in Israel in 2008 and now based in Sunnyvale, Calif., JFrog specializes in artifact management. Stock in the software company rose by as much as 62%, opening at $77 per share – up from its initial share price of $44. Playing second fiddle to Snowflake on 16 September, JFrog had a strong market debut of its own. The company has grown quickly since it came out of stealth in 2014 with a built-for-the-cloud data warehouse, promising customers access to real-time analytics without the concurrency and performance issues customers of first-generation options like Amazon Redshift were facing. Like many of its peers, Snowflake is not yet profitable, making $264.7 million in revenue in 2019, at a net loss of $348.5 million. This put the company's value at $70 billion, almost six times the $12.4 billion private valuation the firm had when it raised money earlier this year and more than established tech firms like Twilio, Atlassian, Workday and Okta. These immediately popped on the first day of trading, ending up by as much as 111% at $245 per share, raising $3 billion, the most ever for a software firm at IPO. The San Mateo, Calif.-based company priced shares at $120, up from its initial pricing of $75-85. The biggest tech IPO of the year came in September, when cloud data warehouse vendor Snowflake arrived on the New York Stock Exchange. For the six months up to July 31, Sumo Logic lost $36 million on revenue of $97 million. The California-based firm specializes in machine data such as log analytics and security monitoring and competes with the likes of Splunk and Datadog, which both had a market cap of more than $26 billion at the time of the IPO. The monitoring specialist initially priced shares at between $17 and $21 these then climbed 22% on the first day of trading, closing at $26.88 and valuing the company at $2.65 billion. Sumo Logicįollowing Snowflake's blockbuster listing, another software company – Sumo Logic – had a more modest first day of trading after its IPO on 17 September. Like Palantir, Asana also opted for a direct listing rather than a traditional IPO. This has proved even more popular during the pandemic, where remote working is mandated. At a basic level, it allows teams to add tasks, assign them to team members, set due dates for completion, comment and share relevant documents. This valued the firm at more than $4 billion, more than double its last private valuation of $1.5 billion from 2018.Īsana offers a suite of cloud-based project management tools used by companies like NASA, Uber and Spotify. Shares in the company opened at $27 each, up from a reference price of $21, representing a pop of around 30%. Asanaįloating on the same day as Palantir meant Asana got less attention on the day of its IPO, which may well suit its publicity-shy founder, Facebook cofounder Dustin Moskovitz. Like many of its peers in technology, Palantir was reporting a loss at the time of its IPO, with $743 million in revenue in 2019 at a loss of $576 million. It has a small but select customer base, primarily in the public sector, including work for the US Department of Defense and the National Health Service (NHS) in the UK. It specializes in data analysis to help organisations spot patterns and identify threats through two products: Gotham and Foundry, which offer clients various flavors of data integration and analytics on a large scale. Named after a set of magical stones in Lord of the Rings, the secretive Colorado-based company was founded 17 years ago by Peter Thiel and CEO Alex Karp, among others. It means companies with lots of private funding, such as Spotify and Slack in the past, raise less money at IPO while providing more control over the process and rewards for longstanding employees. Palantir went public via a direct listing, an increasingly popular route that allows firms to avoid dealing with the cost of underwriting the IPO and the "lockup period" that prevents shareholders from selling immediately after launch. This valued the firm at almost $21 billion. Palantir Technologies had a solid market debut, opening at $10 a share - well above its reference price of $7.25, before dipping slightly to $9.50 at the close of its first day of trading in September. McAfee was founded by the controversial entrepreneur John McAfee, who hasn't been connected to the firm since the 1990's but who continues to bring negative brand association he was arrested in October on tax evasion charges.
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