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Technology company Zuora on Wednesday priced its initial public offering at $14 per share, a day before the company expects its stock to begin trading on the New York Stock Exchange.
At that price, the company has an implied valuation of $1.44 billion. The results suggest investors believe there is still interest in young technology companies that seek to be traded on public markets.
Zuora, which provides tools like billing and analytics systems that companies can use to sell subscription services, first filed to go public on March 16. The company's competitors include Oracle and SAP. Apttus, another competitor, has been planning to go public.
On April 2, the company issued the first range for its pricing, indicating it expected shares to be sold for between $9 and $11 per share. On Tuesday, the company raised the range with an estimate of $11 to $13 per share.
Zuora sold 11 million shares at $14 per share, meaning the company has raised $154 million, following several rounds of venture capital deals since being founded in 2006. Goldman Sachs and Morgan Stanley are the joint bookrunners in the deal, Zuora said in a statement on Wednesday.
Cloud software company Dropbox went public last month, and shares are up 11 percent over the debut price of $29. Spotify also recently began trading through a direct listing, although shares are down almost 10 percent since the debut price of $165.90 per share. Meanwhile, smaller technology companies like DocuSign, Pivotal and Smartsheet have filed to go public in recent weeks.
Zuora opened more than 40 percent up in its first day of trading on public markets.