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Sept. 17, 2020, 6:26 a.m. EDT

Sumo Logic's IPO prices above the expected range

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By Tomi Kilgore

Sumo Logic Inc. /zigman2/quotes/220991529/composite SUMO +2.18% said late Wednesday that its initial public offering priced at $22 a share, above the expected range of between $17 and $21, as the California-based software company raised $325.6 million. The company sold 14.8 million shares in the IPO, and if the underwriters exercise all of the options to buy 2.22 million additional shares to cover overallotments, the company could raise up $374.44 million. With 98.69 million shares outstanding after the IPO, the pricing values Sumo Logic at $2.17 billion. Morgan Stanley and J.P. Morgan are the lead book-running managers. The stock is slated to begin trading on the Nasdaq exchange Tuesday under the ticker symbol "SUMO." The company is going public at a hot time for software IPOs, as witnessed by Snowflake Inc.'s stock /zigman2/quotes/220991541/composite SNOW -0.90% closing Wednesday, the first day as a public company, at more than double the IPO price. The Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +3.00% has rallied 23.7% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.46% has gained 8.7%.

/zigman2/quotes/220991529/composite
US : U.S.: Nasdaq
$ 26.20
+0.56 +2.18%
Volume: 1.52M
Nov. 30, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.59 billion
Rev. per Employee
N/A
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/zigman2/quotes/220991541/composite
US : U.S.: NYSE
$ 325.84
-2.95 -0.90%
Volume: 3.55M
Nov. 30, 2020 7:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$90.97 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 64.48
+1.88 +3.00%
Volume: 544,660
Nov. 30, 2020 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,621.63
-16.72 -0.46%
Volume: 3.65B
Nov. 30, 2020 5:34p
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