Latest News

GitLab stock surges more than 20% on first day of trading


GitLab Inc. shares surged out of the gate Thursday, rallying more than 20% above its initial public offering price.


shares started trading on the Nasdaq at 12:10 p.m. Eastern on Thursday, opening at $94.25, or more than 22% above their IPO’s pricing. They were recently up more than 23% at $95.02, after hitting an intraday high of $96.50.

Late Wednesday, GitLab priced its stock at $77 a share, well above its already elevated range.

Read:GitLab IPO: 5 things to know about the all-remote software company valued at $11 billion

On Tuesday, GitLab hiked its expected pricing range to between $66 and $69 a share, up from a forecast last week of $55 to $60 a share. Wednesday’s pricing values the company at $11 billion, based on 143 million shares expected to be outstanding after the offering.

The all-remote software company specializes in so-called DevOps software, which allows software developers and operators to collaborate on projects to provide faster and more relevant software updates to their internal systems on a near-constant basis.

The stock’s strong debut comes on a day of relatively strong investor interest in IPOs, as the Renaissance IPO exchange-traded fund

climbed 2.0% in recent trading while the S&P 500 index

gained 1.6%.

When will supply chains be back to normal? And how did things get so bad?

Previous article

This One Chart Shows Why Putting 20% Down on a Mortgage May Be a Mistake

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News