Sumo Logic’s stock surges out of the gate, with the first trade 20.5% above the IPO price

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Sumo Logic Inc.’s stock got a nice bump out of the gate Thursday, with the first trade 20.5% above the initial offering price of $22 share. The first trade on the Nasdaq was at $26.50 at 12:23 p.m. Eastern. The pricing late Wednesday was above the expected range of $17 to $21 share. The stock has pared some gains since it opened to be up 18.4%. The California-based software company raised $325.6 million and was valued at $2.17 billion at the IPO price. The company went public at a time of strong demand for software IPOs, as witnessed by Snowflake Inc.’s stock closing Wednesday at more than double the IPO price. The Renaissance IPO ETF has rallied 20.4% over the past three months, while the S&P 500 has gained 7.0%.
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