Bill.com skyrockets 72% in its opening day of trading
- Bill.com shares soared as much as 72% Thursday as investors piled into the stock after its initial public offering.
- The cloud-software firm priced its shares at $22 each for its IPO, above its previously disclosed range of $19 to $21.
- The Thursday surge represents a rare IPO win among a sullied public funding landscape. Several of the year's most highly-anticipated debuts - including Uber, Peloton, and Lyft - fell flat in their first days of trading.
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Bill.com rallied as much as 72% Thursday as investors piled in to the stock after its initial public offering.
The cloud-software company's shares were first offered at $22 each, higher than its previously disclosed range of $19 to $21. The Thursday spike saw shares trade as high as $37.75 each.
The IPO raised $216 million for Bill.com.
The Thursday pop is a rare high note for traders among a tarnished IPO landscape. Uber and Lyft both trade below their IPO prices despite being two of the top three biggest offerings of the year. Peloton wiped out more than $900 million in investor wealth when it first went public, and did nearly the same on December 4 when its holiday ad received large amounts of backlash.
WeWork was the US's highest-valued startup and poised to be one of the year's largest IPOs before it canceled the offering. Analyst scrutiny over the company's finances and leadership dragged the firm from a $48 billion valuation to bankruptcy talks in less than two months.
XP Inc., a Brazilian financial services company, also bucked the year's IPO trend, soaring as much as 26% on Wednesday. The firm's stock outperformed Saudi Aramco's, which also went public Wednesday with a record-high $1.7 trillion IPO.
Bill.com traded at $35.08 per share at 1:35 p.m. ET Thursday.
The company produces automation software for financial tasks including payments, invoicing, and accounting.
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