Sumo Logic Inc.'s stock /zigman2/quotes/220991529/composite SUMO -0.33% 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 -0.89% closing Wednesday at more than double the IPO price. The Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -0.80% has rallied 20.4% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.01% has gained 7.0%.