Coupa closes at $33.28 after first day of trading, 84% above IPO price

Cloud spend management company Coupa today saw its stock debut on the Nasdaq Global Market, and the stock closed at $33.28, up 84 percent from the $18 price at which it sold 7.4 million shares to raise $133.2 million in its initial public offering (IPO). The opening price of $35 was up 94 percent from the IPO price.

The closing price is down 4 percent from today’s opening price. During trading hours the stock price fluctuated between $31 and $41.

The lead underwriters in the deal were Morgan Stanley, J.P. Morgan, Barclays, and RBC Capital Markets. Coupa first filed paperwork to start the process of its IPO a month ago.

The pop comes after data center hardware company Nutanix’s stock closed 131 percent above its IPO price. Other 2016 technology IPOs include Line, Talend, and Twilio.

Founded in 2006 by Oracle executives Noah Eisner and Dave Stephens, Coupa offers cloud services for managing invoices, expenses, inventory, and procurement. The company is based in San Mateo, California.