GitLab Inc. shares surged out of the gate Thursday, rallying more than 20% above its initial public offering price.
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.
Late Wednesday, GitLab priced its stock at $77 a share, well above its already elevated range.
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
climbed 2.0% in recent trading while the S&P 500 index