Sumo Logic’s IPO prices above the expected range

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Sumo Logic Inc. said late Wednesday that its initial public offering priced at $22 a share, above the expected range of between $17 and $21, as the California-based software company raised $325.6 million. The company sold 14.8 million shares in the IPO, and if the underwriters exercise all of the options to buy 2.22 million additional shares to cover overallotments, the company could raise up $374.44 million. With 98.69 million shares outstanding after the IPO, the pricing values Sumo Logic at $2.17 billion. Morgan Stanley and J.P. Morgan are the lead book-running managers. The stock is slated to begin trading on the Nasdaq exchange Tuesday under the ticker symbol “SUMO.” The company is going public at a hot time for software IPOs, as witnessed by Snowflake Inc.’s stock closing Wednesday, the first day as a public company, at more than double the IPO price. The Renaissance IPO ETF has rallied 23.7% over the past three months, while the S&P 500 has gained 8.7%.
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