Shares of Utah-based Qualtrics International Inc. (NAS:XM) soared in their public debut, as the stock, finally, opened 39.5% above its initial public offering price. The SAP-owned (NYS:SAP) (ETR:XE:SAP) enterprise-software company's stock's first trade on the Nasdaq exchange was at $41.85 at 1:55 p.m. Eastern for about 4.6 million shares. The IPO priced late Wednesday at $30, above the expected range of between $27 and $29 a share, as the company raised $1.55 billion. At the stock's opening price, Qualtrics's market capitalization was $21.07 billion. The stock has edged higher since it's open, to trade up 40.0% at $42.00. Qualtrics went public at a time of relatively strong investor demand for IPOs, as the Renaissance IPO ETF (PSE:IPO) has run up 31.8% over the past three months while the S&P 500 (S&P:SPX) has gained 17.0%.
Jan. 28, 2021, 1:59 p.m. EST