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.  

Contributor

Sergey Savastiouk|Expert

Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.