Markets

Shares of secure login software maker Ping Identity surge more than 30% in their market debut

Key Points
  • Ping Identity's IPO on Thursday closed more than 30% higher.
  • The Denver-based company offers software that lets corporate workers securely log into multiple applications.
  • CEO Andre Durand says Ping Identity is "built to last."
Ping Identity CEO Andre Durand poses for a portrait on February 14, 2018.
AAron Ontiveroz | Denver Post | Getty Images

Ping Identity on Thursday finished more than 30% higher in its stock market debut.

The Denver-based company, which offers software that enables corporate workers to log into multiple applications securely, priced its initial public offering of 12.5 million shares at $15 each.

The stock traded as high as $20.14 per share before closing at $20.11 for a 34% gain.

"We sell the most mission-critical identity security to the largest global enterprises around the world," Ping Identity CEO Andre Durand told CNBC's Jon Fortt in an interview Thursday.

"We're often referred to by our customers as tier-zero infrastructure, which means it can never go down. Surgeries won't happen. Planes won't fly," Durand added on "Squawk Alley." "Ping Identity was built to last."

Ping Identity, which announced its IPO plans in late August, was bought by Visa Equity Partners in 2016 for $600 million. Vista is retaining about 80% of Ping Identity, which was founded in 2002.

Visa Equity is owned by billionaire Robert Smith, whose decision to eliminate student loan debt for Morehouse College's entire 2019 graduating class went viral in May.

— Reuters contributed to this story.