Atlassian (NASDAQ:TEAM), an Australian software company, surged on its first day of trading after its initial public offering.
The stock climbed as high as $28.05 per share, up 33.6% from the $21 IPO price, which was above an increased range, and was trading at $27.13, up 29.2%, at 12:55 p.m. in New York.
The Sydney-based company raised $462mln in its IPO on Wednesday, pricing 22mln shares.
The trading gives the company a market value of more than $5.6bn, compared with the $3.3 bn valuation it received in a private financing round.
The company, which has more than 1,200 employees, will use proceeds from its IPO for corporate purposes, including capital expenditures and potential acquisitions.
Atlassian was founded in 2002 in Australia, self-funded by then 22-year-olds Scott Farquhar and Mike Cannon-Brookes using credit cards.
Unlike many of its technology peers, Atlassian, whose software allows businesses to collaborate and manage operations, is already profitable and does not have venture capital funding.
In the 12 months ended June 30, Atlassian generated revenue of $319.5mln, up 49% from the year-earlier period.
The company posted net income of $6.8mln in the fiscal year through June.