After a brutally slow start to the year, the technology IPO market seems to be returning to life, with Nutanix skyrocketing in its first day of trading on Sept. 30 and another cloud computing company ready to go public later this week.
Nutanix — whose data center technology combines computing, storage and networking into a single product — soared to more than twice its pricing during its debut Sept. 30, up 130 percent, closing at $37 per share after opening at $26.50. Nutanix shares continued rising Monday, up about 9 percent in midday trading.
The high-flying stock price made Nutanix the first IPO to double in its first day since August 2015. It even outdid Twilio, a cloud communications platform company that rocketed more than 91 percent higher on its first day of trading in June and has since soared more than 300 percent.
Shares of business-management software vendor Apptio are up more than 36 percent since it went public last month.