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Software provider Medallia’s NYSE trading debut ranks among year’s best
[SAN FRANCISCO] Medallia Inc rose as much as 81 per cent in its New York Stock Exchange trading debut after increasing the price and the size of its initial public offering to raise US$325.5 million.
Shares of the enterprise software provider opened at US$34 each Friday, a 62 per cent jump from the US$21 offer price. The company and some of its investors sold 15.5 million shares on Thursday after marketing 14.5 million of them for US$16 to US$18 apiece.
Medallia was trading at US$37.77 a share at 11.58am (11.58pm SGT), giving the company a market value of about US$4.6 billion, based on the additional stock sold and the number of shares outstanding, as listed in regulatory filings.
The San Francisco-based company's net loss for the quarter ending April 30 was US$2.6 million on revenue of US$94 million, it said in the filings. That compared with a net loss of US$28 million on revenue of US$71 million for the same period last year.
The offering was led by Bank of America Corp, Citigroup Inc and Wells Fargo & Co. The shares are trading under the symbol MDLA.