EMERGING TECH
EMERGING TECH
EMERGING TECH
Tenable, Pinduoduo and Opera surge on debuts as the IPO market continues to heat up
While headlines were dominated by an unprecedented fall in the stock price of Facebook Inc. today, it wasn’t all doom and gloom on Wall Street as three companies surged on their public debuts.
Leading the initial public offerings, network security firm Tenable Inc. hit the Nasdaq under the ticker symbol TENB at $33 per share, $10 higher than its initial price of $23, before closing at $30.25.
The company raised $250 million and closed the day with a market cap of $2.7 billion, well up from the $550 million valuation it had when it last raised venture capital in 2015 from Insight Venture Partners and Accel.
CNBC noted that Tenable’s IPO is “an impressive fundraising for cybersecurity IPOs and particularly sizable for Tenable’s niche, which is subscription-based cyber risk management tools.”
Next up to go public was a lesser-known but bigger company, Chinese discount e-commerce provider Pinduoduo Inc., which also went public on the Nasdaq exchange.
The company, founded and run by former Google engineer Colin Huang, raised a whopping $1.6 billion in its IPO. Its stock closed at $26.70 for a market cap of $29.6 billion.
Founded in 2015, Pinduoduo offers Groupon Inc.-like group buying deals both through its own website and via Tencent Holding Ltd.’s WeChat app. The site prides itself on selling goods at the lowest possible price, with Business Insider noting that “Chinese users can purchase anything from toilet paper to snacks to iPhones for a fraction of their usual cost.”
In terms of the Chinese marketplace, Pinduoduo is the third-largest e-commerce provider behind Alibaba Group Holding Ltd. and JD.com Inc., both of which went public on American markets — Alibaba in September 2014 and JD in May the same year.
Finally, Opera Ltd. went public on Friday, raising raising $115 million and seeing its shares rise as much as 28 percent before settling back to 10 percent rise in midday trading. The browser provider was acquired by a Chinese consortium two years ago, though it remains headquartered in Oslo, Norway. Its shares trade under the ticker symbol OPRA.
Next up are Sonos Inc. and Arlo Technologies Inc. on Monday.
Image: Nasdaq
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