Banking software firm Alkami valued at more than US$3b in US market debut
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[NEW YORK] Shares of Alkami Technology surged 38 per cent in their US stock market debut on Wednesday, giving the US banking software provider a market capitalisation of US$3.43 billion.
Shares opened at US$41.26, well above their initial public offering price (IPO) of US$30. The company raised US$180 million in the IPO.
Alkami, which has more than 160 financial institutions using its cloud-based digital banking services, sold six million shares in the IPO.
The company, which counts General Atlantic and D1 Capital among its investors, said its platform seeks to help smaller financial firms compete with large, technologically advanced US banks.
Alkami's listing comes amid a surge in valuations of technology companies that enable secure, remote-working solutions for businesses.
Alkami served 9.7 million users in 2020, up more than 34 per cent from a year earlier, according to a recent regulatory filing.
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The company's banking software platform is delivered to its customers using Amazon Web Services (AWS) cloud technology.
REUTERS
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