(Reuters) – Shares of Jamf Holding Corp JAMF.O jumped 77% in their U.S. debut on Wednesday, giving the software maker a market value of $5.35 billion.
Shares opened at $46 compared to their IPO price of $26.
Jamf on Tuesday raised $468 million in its upsized offering of 18 million shares.
The company had targeted a price range of $21 to $23 per share and planned to sell 16 million shares in its offering.
Jamf, founded in 2002, counts IBM Corp (IBM.N) and SAP (SAPG.DE) among its customers and makes software that helps companies manage their employees’ Apple Inc (AAPL.O) devices.
“The demand for Jamf’s deal was overwhelming. The appetite for software companies with this type of growth profile is marking valuations higher and higher”, said Jeff Zell, senior research analyst and partner at IPO tracking firm IPO Boutique.
Many tech firms have benefited from companies allowing employees to work remotely, with the pandemic driving up demand for cloud computing services. Jamf’s net loss narrowed to $8.3 million for the three months ended March 31, from $9 million a year earlier. Revenue jumped nearly 37% to $60.4 million during the same period. Funds owned by buyout firm Vista Equity Partners will own about 77% of Jamf after the offering, the software maker had said bit.ly/3fS7RLS in an earlier filing. Funds affiliated with Dragoneer Investment Group and Tiger Global Management have indicated an interest in purchasing shares of up to $50 million each in the firm’s offering. Goldman Sachs, J.P. Morgan, BofA Securities and Barclays are among the lead underwriters to Jamf’s offering.
Reporting by Abhishek Manikandan; Editing by Ramakrishnan M.