Ping Identity Holding Corp. /zigman2/quotes/214130089/composite PING +2.34% investors cheered as the software company went public, with the stock opening 25% above its initial public price of $15 a share. The newly public stock's first trade was $18.75 at 10:58 a.m. Eastern for 1.7 million shares. The stock has pared some gains since, to be up 24% in recent trading. The IPO priced at $15 at late Wednesday, which was in the middle of the expected pricing range of $14 to $16, and to value the company at about $1.16 billion. The company sold 12.5 million shares in the IPO to raise $187.5 million. The company went public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +0.07% has lost 5.0% over the past three months and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.03% has gained 3.1%.
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Ping IPO pops 25% in debut