Customer experience management platform Medallia( NYSE: MDLA) rose more than 70% in its New york stock exchange debut Friday.
The practically two-decades-old business priced the market share at $21 apiece, the top of its submitted compas, Thursday evening and sold as high-pitched as $39.54 the following morning. Medallia closed up roughly 76% at about $37 per share on Friday.
Medallia sold a total of fifteen. 5 million shares in its IPO, developing $326 million at a $2.5 billion valuation in the process.
San Mateo-headquartered Medallia, led by chief executive officer Leslie Stretch, operates a platform meant to help ventures better provide for their customers. Its core produce, the Medallia Experience Cloud, furnishes employees real-time data on purchasers collected from online review places and social media. The service leverages that data to provide insights and implements to improve patron experiences.
The company is backed by four venture capital conglomerates: Sequoia Capital — which owned a approximately 40% pre-IPO stake — Saints Capital, TriplePoint Venture Growth and Grotmol Answer, the latter which invested a small amount of uppercase in 2010. Medallia has raised a total of $268 million in equity funding, including a $70 million Streaks F funding earlier this year.
Sequoia’s 40% post was worth upwards of $ 1.8 billion at Medallia’s high rate Friday.
Read more: feedproxy.google.com.