Dive Brief:
- Shares of Australian business software maker Atlassian Corp jumped as much as 33.3% in their market debut Thursday.
- The company had one of the most highly valued initial public offerings of the year at about $5.85 billion.
- Atlassian, which makes collaboration and management software, was valued at $3.3 billion in its last private valuation.
Dive Insight:
The company's IPO raised $462 million after the shares were priced at $21 each, above the expected range of $19-$20.
The company has about 51,000 customers in more than 160 countries, including NASA, Tesla Motors and the U.S. Department of Treasury.
Match Group and mobile payments firm Square, also popped on their first day of trading despite overall negative sentiment for Silicon Valley startups and a broadly weak IPO market.
Several tech IPOs have performed poorly over the past year, and mutual fund investors including Fidelity Investments have been marking down the value of their private tech holdings.
Experts say Atlassian’s strong debut proves there is high demand for business software.
