Shares of cloud-based e-commerce software provider ChannelAdvisor soared in their debut Thursday, as enterprise software makers continue to draw investor attention with their strong revenue models.
The company's shares opened up 25 percent, after its initial public offering of 5.8 million shares was priced at $14 per share, the high end of the pricing range. They touched an intraday high of $19.46, valuing the company at about $400 million. (For the latest stock price, click here.)
The Morrisville, N.C., company, whose competitors include Mercent, intends to use the proceeds to expand its international operations and sales and marketing capabilities.
Some of its largest customers include Ann Taylor, eBags.com, J&R Electronics and Jos. A. Bank Clothiers.
Investment firms Kodiak Venture Partners, Advance Technology Ventures and New Enterprise Associates own about two-thirds of ChannelAdvisor.