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April 14, 2021, 11:36 a.m. EDT

Alkami Technology's stock surges in it debut, valuing the company at more than $3.8 bi

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By Tomi Kilgore

Investors cheered as Alkami Technology Inc. /zigman2/quotes/225927327/composite ALKT -4.96% went public Wednesday, as the digital banking company's stock opened 3.7% above its initial public offering price of $30 a share. The stock's first trade on the Nasdaq was at $41.26 at 11:24 a.m. Eastern for 565,569 shares. The stock added to its gains since the open, to trade up 55.2% at $46.57, to imply a market capitalization of $3.87 billion. The company went public at a time of tempered investor demand for IPOs, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.69% has shed 5.8% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.67% has gained 9.2%.

/zigman2/quotes/225927327/composite
US : U.S.: Nasdaq
$ 27.79
-1.45 -4.96%
Volume: 212,650
May 17, 2021 1:26p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.45 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 55.50
-0.95 -1.69%
Volume: 73,124
May 17, 2021 1:30p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,145.87
-27.98 -0.67%
Volume: 1.19B
May 17, 2021 1:33p
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