- Smartsheet raised $150 million in its initial public offering.
- Shares closed at $19.55 after debuting at $18.40, more than 20 percent above the price of shares it sold in its initial public offering.
- The company's competitors include Atlassian, which went public in 2015.
Business-focused software company Smartsheet spiked 30 percent in its first day of trading Friday.
Shares closed at $19.55 after debuting at $18.40, more than 20 percent above the price of shares it sold in its initial public offering. Shares closed at $19.50, up 30 percent.
The stock is trading on the New York Stock Exchange under the ticker symbol "SMAR."
The company is part of a batch of enterprise software companies going public in recent weeks.
Smartsheet first filed to go public on March 26. On April 16 the company revised the filing, estimating that it would price its stock between $10 and $12 per share. On April 24, Smartsheet made a second revision, raising the range to $12 to $14 per share.
On Thursday the company announced that it ultimately priced its stock at $15 per share, raising $150 million in the IPO. With 98.9 million shares left outstanding, the company had an implied valuation of $1.48 billion. That's above the company's reported $852 million valuation from last year.
Based in Bellevue, Wash., Smartsheet was founded in 2005 and had 787 employees at the end of January. Investors include Insight Venture Partners, Madrona Venture Group and Sutter Hill Ventures. Competitors include Atlassian, which went public in 2015, along with Alphabet and Microsoft.
Smartsheet is debuting on public markets on the same day as fellow enterprise software company DocuSign.
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—CNBC's Sara Salinas contributed to this report.