Buyer expertise administration platform Medallia (NYSE: MDLA) rose greater than 70% in its New York Inventory Change debut Friday.
The practically two-decades-old enterprise priced its shares at $21 apiece, the highest of its proposed vary, Thursday night and traded as excessive as $39.54 the next morning. Medallia closed up roughly 76% at about $37 per share on Friday.
Medallia bought a complete of 15.5 million shares in its IPO, elevating $326 million at a $2.5 billion valuation within the course of.
San Mateo-headquartered Medallia, led by chief government officer Leslie Stretch, operates a platform meant to assist companies higher present for his or her clients. Its core product, the Medallia Expertise Cloud, offers staff real-time knowledge on clients collected from on-line assessment websites and social media. The service leverages that knowledge to offer insights and instruments to enhance buyer experiences.
The corporate is backed by 4 enterprise capital companies: Sequoia Capital — which owned a roughly 40% pre-IPO stake — Saints Capital, TriplePoint Enterprise Development and Grotmol Options, the latter which invested a small quantity of capital in 2010. Medallia has raised a complete of $268 million in fairness funding, together with a $70 million Collection F funding earlier this 12 months.
Sequoia’s 40% stake was value upwards of $1.eight billion at Medallia’s excessive worth Friday.