Christmas got here early for Palo Alto’s, as the cloud-based cost know-how firm’s shares surged greater than 61% in their public buying and selling debut Thursday. shares ended the day at $35.50 after the corporate priced 9.eight million shares at $22 a bit. Demand for inventory turned out to be so standard that the corporate raised its IPO worth from its estimated vary of $19 to $21 a share. raised $216 million in its IPO.

Based by chief govt Rene Lacerte in 2006, specializes in automating the back-office monetary operations for small and medium-sized companies with billing and cost software program. says it has technological relationships or partnerships with the likes of Oracle, NetSuite, MasterCard and American Specific.

“We’ve been planning for this for a very long time,” stated John Rettig,’s chief monetary officer, of the corporate’s IPO. “It’s an enormous market alternative we’re going after as a result of there are tens of millions of companies shifting off of paper billing platforms and into the cloud. We really feel we’ve reached a scale the place the subsequent part of development was to be in the general public markets.”’s first buying and selling day success comes on the finish of what has been a yr of notable public debuts for Bay Space firms, many of which haven’t lived as much as their IPO excessive factors.

In what was most likely the highest-profile IPO of the yr, Uber went public in Could at $45 a share, however slumped early and completed its first day of buying and selling at $41.57 a share. Since then, Uber’s shares have solely carried out worse, and closed Thursday at $28.69 as the corporate has been coping with a collection of embarrassing public conditions, an enormous sale of inventory by early buyers such as former Chief Government Travis Kalanick and a long-awaited security report that exposed the corporate had acquired 1000’s of claims of sexual assaults in its rides in 2017 and 2018.

Uber’s predominant ride-hailing rival, Lyft, hasn’t had issues a lot better. Lyft went public in March at $72 a share, and rose to $78.29 a share by the top of its first day on the inventory market.. Nevertheless, Lyft’s shares then started to fall as analysts raised some considerations about challenges in the ride-hailing market. By Thursday, Lyft’s inventory was all the way down to $46.64 a share.

Picture and knowledge sharing firm Pinterest went public in April at $19 a share, and rose by greater than 28 p.c to shut at $24.40 on its first day as a public firm, however has since slumped to the place it completed Thursday at $17.75 a share.

Office-messaging know-how Slack held a unique sort of IPO when it went public in June. As a substitute of promoting some of its shares to underwriters, as its typical in the IPO course of, Slack used a “direct itemizing” methodology in which it put roughly 283 million of its shares out available on the market for anybody to purchase at $26 every.