ForgeRock Inc. shares bolted out of the gate on their first day of trading on the New York Stock Exchange Thursday, screaming past an already higher-than-expected pricing.
ForgeRock
FORG,
shares opened at $35 a share just after 11 a.m. Eastern, 40% above its initial public offering price of $25 apiece from late Wednesday. That, in itself, was above its forecast range of $21 to $24 a share. The stock quickly hit an intraday high of $36.44.
The offering of up to 12.7 million shares, including overallotment options to underwriters, was set to raise up to $303.6 million. Thursday’s intraday high gave the San Francisco-based digital identity platform a market value of $2.89 billion.
The company booked revenue of $84.8 million for a loss of $20.1 million in the first six months of 2021, compared with revenue of $55.4 million for a loss of $36 million in the same period for 2020.
In a busy week for IPOs, the Renaissance IPO ETF
IPO,
was up 0.8% Thursday, and up 9% over the past three months, compared with a 0.6% daily decline in the S&P 500 index
SPX,
which is up 5.4% over the past three months.
This post was originally published on Market Watch
