Shares of tax software company Avalara nearly doubled in their opening day of trading on Friday.
Shares closed up 87 percent at $44.94 after opening at $35. Shares priced at $24 in the company's $180 million IPO on Thursday.
It's another successful cloud software IPO for the tech sector. Zuora and Ceridian each jumped roughly 40 percent on their opening days in April. Cloud storage provider Dropbox went public in March and has gained more than 70 percent since its debut.
Seattle-based Avalara sells automated tax compliance software for enterprise use and offers integrations with software giants like Oracle, Workday and Stripe, according to SEC filings. Its customers include Pinterest, the New York Times and Fandango.