Friday, April 7, 2017

Okta Surges In IPO

San Francisco-based identity management software developer Okta debuted in its IPO this morning, surging more than 36 percent to around $23.00 in early trading, after pricing at $17.00 per share last night. The company sold 11 million shares of its stock and raised $187M in its IPO offering on the NASDAQ Global Market. Okta now trades as OKTA. Okta is venture backed by Sequoia Capital, Andreessen Horowitz, Greylock Partners, Khosla Ventures, and Floodgate. The company was up $6.14 around $23.14, or nearly 36.12 percent in the first hour of trading of the stock; the company had opened at $23.56.