To say that Coupa Software Inc. has received a warm welcome on Wall Street would be a major understatement.

The cloud-based spend management provider, which sold shares for the first time on Wednesday night, experienced a rush of investor interest Thursday morning that sent its stock soaring as high as $41.61, up more than 200 percent from its $18 initial offering price Wednesday night.

The strong showing is yet another sign that the long drought of initial public offerings of tech company stocks could be ending. Nutanix Inc., The Trade Desk, Talend and Twilio Inc., among others in recent months, have also seen their shares warmly received by investors.

Coupa sold 7.4 million shares for $133.2 million following strong demand that came in at the high end of the expected range it reported to the SEC last week. And the IPO performed even better when compared to the original price target of $14 to $16.

But it put the company’s market cap at only $866 million, significantly less than the unicorn valuation it was given by VCs. The vendor’s impressive performance on the stock market, even though it moderated to close up 85 percent, reaffirms its place in the billion-dollar club.

That’s good news for the investors who participated in the IPO and the underwriting banks, which were given the option to purchase 1.1 million shares at the $18 opening price on top of their original stakes. However, the company itself didn’t gain much from buying surge this morning other than a few positive headlines. If anything, the stock jump indicates that it undervalued its shares and missed out on a great deal of capital as a result.

A similar situation played out 10 days ago after the better-than-expected IPO of Nutanix, which was likely one of the factors behind Coupa’s decision to raise its funding target last Thursday. The hyperconverged infrastructure vendor originally sought to sell between $12 and $14 per share, hiked the price to $16 shortly before its stock market debut and ended up $238 million. Then the value of its stock more than doubled to $36.16 on the first day of trading. Nutanix’s share price has since more or less stabilized and is now hovering around $37.

Image via Sam Valadi