JFrog’s stock debut’s with a 62% leap above its IPO price

/ / News

JFrog Ltd.’s stock started its public life by taking a big leap higher, as it opened 62.0% above its initial public offering price. The first trade for the Israel-based software company’s stock was at $71.27 at 12.30 p.m. Eastern for 1.8 million shares, compared with the IPO price of $44, which was above the expected range of $39 to $41. The stock has since gained further, to trade up 75%. JFrog’s public debut comes a busy week for IPOs, and on the same day shares of the largest-ever software IPO, Snowflake Inc. , are expected to start trading. Despite the growing IPO supply, there is still strong demand from investors, as the Renaissance IPO ETF has run up 25.6% over the past three months while the S&P 500 has gained 9.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.