New Relic, a San Francisco based software analytics outfit, had filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common stock. That happened on Wednesday last week.
If one goes by the market picture and the CEO Lew Cirne’s optimism, New Relic has been surging in its initial public offering since Friday. With an initial IPO price of $23, the stock opened at around $30, and climbed up to almost $35 per share.
While speaking to Barrons.com, earlier last week, CEO Lew Cirne said that he was happy with the launch; “We’re in the business of building products that our customers love, and we want to continue to be that as a public company. Our software analytics division is really resonating with the market.”
New Relic lists its common stock under the ticker symbol “NEWR”. Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Allen & Company LLC and UBS Securities LLC acted as joint book-running managers for the offering. JMP Securities LLC and Raymond James & Associates, Inc. will act as co-managers.
(Image credit: New Relic)