GitLab shares surged out of the gate Thursday, rallying more than 20% above its initial public offering price. 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.
GitLab Inc. shares surged out of the gate Thursday, rallying more than 20% above its initial public offering price.
GitLab GTLB, +26.29% 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.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 IPO, +1.74% climbed 2.0% in recent trading while the S&P 500 index SPX, +1.68% gained 1.6%.
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