Tags: jfrog | shares | stock | ipo | initial | offering

Software Firm JFrog Hops 47% in Debut After $509 Million IPO

Software Firm JFrog Hops 47% in Debut After $509 Million IPO

Wednesday, 16 September 2020 01:45 PM

Shares of U.S.-Israeli technology provider JFrog Ltd. jumped 47% on Wednesday in their Nasdaq debut, after the company raised $509 million in its upsized initial public offering.

The JFrog shares (FROG) traded as high as $77.00 after the company priced about 11.6 million of them at $44 apiece. The stock closed at $64.79 in New York, giving the company a market value of $5.7 billion.

Sunnyvale, California-based JFrog, founded in 2008, develops tools for automating the process of building and maintaining apps and counts Amazon.com Inc, Alphabet Inc-owned Google and Netflix Inc among its customers.

JFrog's debut comes in the midst of a massive boom in U.S. capital markets due to a rebound in demand for new listings after the COVID-19 pandemic forced many companies to postpone their plans to go public earlier this year.

Snowflake Inc.'s shares (SNOW) more than doubled in value in a volatile debut on the New York Stock Exchange earlier on Wednesday, after the cloud-based data warehouse company raised $3.36 billion in the largest U.S. IPO so far in 2020.

Workplace software maker Asana Inc and Peter-Thiel backed firm Palantir are also seeking to go public this year.

"We talked about an IPO in the summer, but then COVID-19 happened. So we took Q2 to see how the markets react. When our second quarter was great, we decided to go forward with the IPO," JFrog Chief Executive Officer Shlomi Ben Haim told Reuters.

For the six months ended June 30, the company posted revenue of $69.3 million, up 50.2% from a year earlier. Its net loss was $426,000, compared with $2.1 million a year earlier.

Morgan Stanley, JP Morgan Chase & Co and BofA Securities were the lead underwriters for the IPO. 

© 2020 Thomson/Reuters. All rights reserved.


   
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JFrog Ltd., which makes tools for software developers, rose 47% in its trading debut Wednesday after its initial public offering raised $509 million.
jfrog, shares, stock, ipo, initial, offering
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2020-45-16
Wednesday, 16 September 2020 01:45 PM
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