Bill.com skyrockets 72% in its opening day of trading

FILE - In this Dec. 5, 2019, file photo specialist Christopher Riggs, left, works with traders Fred DeMarco, center and Philip Powers on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Tuesday, Dec. 10. (AP Photo/Richard Drew, File)

  • 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.
  • Visit the Business Insider homepage for more stories.

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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