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Sept. 17, 2020, 12:26 p.m. EDT

Sumo Logic's stock surges out of the gate, with the first trade 20.5% above the IPO price

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By Tomi Kilgore

Sumo Logic Inc.'s stock /zigman2/quotes/220991529/composite SUMO +2.18% got a nice bump out of the gate Thursday, with the first trade 20.5% above the initial offering price of $22 share. The first trade on the Nasdaq was at $26.50 at 12:23 p.m. Eastern. The pricing late Wednesday was above the expected range of $17 to $21 share. The stock has pared some gains since it opened to be up 18.4%. The California-based software company raised $325.6 million and was valued at $2.17 billion at the IPO price. The company went public at a time of strong demand for software IPOs, as witnessed by Snowflake Inc.'s stock /zigman2/quotes/220991541/composite SNOW -0.90% closing Wednesday at more than double the IPO price. The Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +3.00% has rallied 20.4% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.46% has gained 7.0%.

/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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