Cloud software provider Okta surges 44 percent in debut


Cloud software provider Okta Inc’s (OKTA.O) shares jumped as much as 44 percent in its debut on Friday, giving the tech unicorn a market capitalization of about $2.22 billion.

The 11 million-Class A share offering was priced at the top end of the expected price of $15-$17. The company raised about $187 million.

The San Francisco, California-based company’s shares opened at $23.56 and hit a high of $24.50 on the Nasdaq.

Okta helps companies organize passwords and authenticate the identity of employees who log into work applications made by other software firms.

The tech company has more than 3,100 customers, including Adobe Systems Inc (ADBE.O), American Express (AXP.N), LinkedIn Corp and Allergan (AGN.N) among others.

Okta is the latest in a string of cloud software IPOs that investors have warmly embraced, reflecting strong revenue growth and recurring subscription sales that offer greater predictability than many other tech stocks.

Tech IPOs have showed signs of recovery this year, after a dull 2016, when just 20 technology companies went public.

The number of U.S. IPOs more than

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