kicked off its public life Wednesday with a big bang, as the stock opened 138.1% above the initial public offering price. The IPO priced late Tuesday at $42 a share, above the previously expected range, which was raised earlier this week to between $36 and $38 a share from between $31 and $34 a share. The California-based enterprise artificial intelligence (AI) software company raised $651 million in the IPO. The stock’s first trade was at $100.00 at 11:54 a.m. Eastern for 2.5 million shares. At that price, the company was being valued at about $9.63 billion. The stock has added to gains since the open, and was last trading 145.0% above its IPO price. The company went public at a time that the Renaissance IPO ETF
has soared 40.4% over the past three months while the S&P 500
has gained 8.8%.