(Bloomberg) -- Data analytics startup Amplitude Inc. opened trading on Nasdaq at $50 a share in its direct listing and rose as much as 9.5%.

The shares begin trading Tuesday without Amplitude raising any capital. As with previous direct listings, the company won’t issue new shares at a set price. Instead, current investors simply began selling the stock based on demand.

The shares were up 7.1% at $53.57 at 12:25 p.m. in New York trading, giving the company a market value of $5.5 billion.

Nasdaq has assigned a reference price of $35 a share for the listing, which is a requirement for trading to begin. Unlike the share price in a standard initial public offering, the reference price is merely a guide rather than a sale price.

Amplitude is joining a cadre of technology-oriented firms that have gone public through direct listings this year, including website-hosting service Squarespace Inc., cryptocurrency exchange Coinbase Global Inc. and online game maker Roblox Corp. Palantir Technologies Inc. and Asana Inc. debuted through direct listings last year, following a trail blazed by Spotify Technology SA and Slack Technologies Inc. before them.

Eyewear company Warby Parker Inc. is set to follow suit with a direct listing on Wednesday.

San Francisco-based Amplitude works with customers such as Ford Motor Co., Burger King and Gap Inc. to optimize their products and track customer interactions.

The digital transformation that accelerated during the coronavirus pandemic benefited Amplitude. The company’s revenue for the first six months of the year grew to $72 million from $46 million during the same period in 2020, while its net loss held steady at about $16.5 million, according to its filings with the U.S. Securities and Exchange Commission.

The company’s largest investors include Battery Ventures, Benchmark Capital Partners, Institutional Venture Partners, Sequoia Capital and their affiliates, according to the filings.

While banks don’t serve as underwriters as they do in IPOs, Morgan Stanley and other banks are advising Amplitude on the listing of its stock. The shares are trading on Nasdaq under the symbol AMPL.

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