NEW YORK: Shares of Jamf Holding Corp jumped 77% in their US debut on Wednesday, giving the software maker a market value of $5.35 billion. The blockbuster listing comes as many tech firms have benefited from companies allowing employees to work remotely, with the COVID-19 pandemic driving up demand for cloud computing services. Jamf offers cloud computing software and the company has said demand has not been adversely affected as people work remotely.
Jamf shares opened at $46, up from their IPO price of $26. By 1:46 p.m. eastern time, shares pared gains to trade up 54.5% at $40.17. Jamf on Tuesday raised $468 million in an upsized offering of 18 million shares, having initially set a targeted price range of $21 to $23 per share.
"Our intent of going public is to be able to commit to our customers that we are there to innovate for them for the long term. There's no better way to do that (than) as a public company," Chief Executive Dean Hager said in an interview.
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