NEW YORK: GitLab Inc shares jumped about 35% above their offer price in their Nasdaq debut on Thursday, giving the software development platform a market capitalization of $14.9 billion, showing strong investor appetite for fast-growing software companies.
The company's stock opened at $94.25 and closed at $103.89, compared with the initial public offering price of $77 per share. The company had said it would likely sell shares at $66 to $69 each.
"We grow when we get to talk to people in the C-suite, to the CIO, the CTO... Part of the reason for going public is to create that awareness," said Sid Sijbrandij, co-founder and chief excutive officer at GitLab.
GitLab offers both free and paid versions of developer operations platform, a single application that brings together software development and IT operations. Developers in companies across industries can use it to write, package, release and monitor code.
The company makes money from its subscription products. For $19 a month per user, GitLab provides companies with tools for faster code reviews, and customer support.
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