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IPO Report: GitLab stock surges more than 20% on first day of trading

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GitLab Inc. shares surged out of the gate Thursday, rallying more than 20% above its initial public offering price.

GitLab
GTLB,
+25.47%

shares started trading on the Nasdaq at 12:10 p.m. Eastern on Thursday, opening at $94.25, or more than 22% above their IPO’s pricing. They were recently up more than 23% at $95.02, after hitting an intraday high of $96.50.

Late Wednesday, GitLab priced its stock at $77 a share, well above its already elevated range.

Read:GitLab IPO: 5 things to know about the all-remote software company valued at $11 billion

On Tuesday, GitLab hiked its expected pricing range to between $66 and $69 a share, up from a forecast last week of $55 to $60 a share. Wednesday’s pricing values the company at $11 billion, based on 143 million shares expected to be outstanding after the offering.

The all-remote software company specializes in so-called DevOps software, which allows software developers and operators to collaborate on projects to provide faster and more relevant software updates to their internal systems on a near-constant basis.

The stock’s strong debut comes on a day of relatively strong investor interest in IPOs, as the Renaissance IPO exchange-traded fund
IPO,
+1.62%

climbed 2.0% in recent trading while the S&P 500 index
SPX,
+1.51%

gained 1.6%.

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