Sabato, 17 Marzo, 2018

Coupa Software shares more than double in market debut

Coupa IPO Coupa IPOCoupa Software
Remigio Civitarese | 10 Ottobre, 2016, 10:12

San Mateo-based Coupa Software raked in $133 million Wednesday evening in Silicon Valley's latest tech IPO.

That's good news for the investors who participated in the IPO and the underwriting banks, which were given the option to purchase 1.1 million shares at the $18 opening price on top of their original stakes. And that's after Coupa raised its price range.

Coupa's successful launch comes less than a week after shares of data storage provider Nutanix Inc - another company that has yet to make a profit - soared 130 percent in their debut. The additional shares and bump in price means Coupa could raise a total $153 million with its IPO.

The once-declared "unicorn" company broke any lingering doubts and raised $133 million, while earning it a valuation of almost $1.6 billion. Earlier this year San Francisco-based cloud communications startup Twilio saw a 92 percent pop, and shares of Redwood City-based software company Talend jumped up 42 percent.

Founded in 2006 by Oracle executives Noah Eisner and Dave Stephens, Coupa offers cloud services for managing invoices, expenses, inventory, and procurement. The company previously had planned to sell 6.7 million shares at $14 to $16.

Coupa is trading on the Nasdaq Global Market under the symbol COUP.

"We are thrilled that the investors support our vision to bring quantifiable value to our customers by transforming how they manage and control spend [ing] using our cloud-based Coupa platform".

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