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.