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Sep 18, 2020
Sumo Logic (SUMO, $26.82) climbs in IPO

Sumo Logic (SUMO, $26.82) climbs in IPO

Sumo Logic shares jumped, following its initial public offering.

On Thursday, the cloud-based data analytics company’s  shares opened at $26.64, higher than the $22 at which it priced the IPO. The $22 price was also higher than the $17-to-$21 range the company estimated when it filed for its IPO. 

Sumo Logic sold 14.8 million shares. That gives it a market valuation of $2.17 billion, based on the shares outstanding listed in its filings. 

The company reported a loss of -$1.93 a share for the six months ended July 31; that is narrower compared to the loss of -$2.13 a share in the year-earlier first half. Revenue surged +38% to $96.6 million from $70.2 million.  

 

 

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