Shares of cloud software company Anaplan Inc (NYSE:PLAN) soared 35% as it debuted on the New York Stock Exchange Friday, with an initial public offering that priced at the high end of its range and raised $263.5 million.
The Anaplan IPO priced 15.5 million shares at $17, which was the high end of its price range of $15 to $17, on the back of strong institutional investor support.
Shares of the cloud-based software company traded at $22.97 for a gain of 35.1% midday Friday.
Anaplan has some 979 customers including The Coca-Cola Co (NYSE:KO), HP Inc (NYSE:HPQ) and VMware Inc (NYSE:VMW) using something it calls connected planning, to help companies make better and faster decisions.
IPO ROUNDUP: Allogene IPO prices above high end of range, Livent pricing comes up short, while Audentes Therapeutics debuts
"Connected Planning enables dynamic, collaborative, and intelligent planning across all areas of an organization, including finance, sales, and supply chain, and other corporate functions such as marketing, human resources, and operations," the company said in its prospectus.
CEO Frank Calderoni told CNBC's "Squawk Alley" that the company did not consider delaying the IPO amid the market rout, which sent the Nasdaq to its lowest close since May on Thursday.
According to the prospectus, for the six-month period ended July 31, Anaplan reported revenue of $109.4 billion, up 41% from the year-ago period. It reported a net loss of $47.2 million in the period compared to a $16 million loss from the year-ago period.
UK's Valtech announces terms of its IPO
Meanwhile, London-based Valtech, which provides outsourced enterprise IT development services, announced terms for its IPO on Friday. It plans to list on the Nasdaq under the ticker symbol “VTEC.”
It plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Valtech would command a fully diluted market value of $678 million and an enterprise value of $626 million.
Founded in 1993, Valtech helps medium and large organizations to adopt new digital technologies through IT and digital transformation. It booked $294 million in revenue for the 12 months ended June 30, 2018.
JP Morgan and Morgan Stanley are the joint bookrunners on the deal. It is expected to price next week.