(Bloomberg) -- Business-planning software company Anaplan Inc. jumped in early trading after pricing its U.S. initial public offering at the top of its marketed range.
The San Francisco-based company, which hired Tesla Inc.’s former chief accounting officer days before announcing its IPO plans in September, opened at $24.25 and was trading up 42 percent at $24.05 at 11:02 a.m. in New York. That gives it a market valuation of about $2.9 billion.
Anaplan raised $263.5 million in its IPO, according to a statement Thursday. It sold 15.5 million shares at $17 each, at the top of the targeted range of $15 to $17 apiece.
Chief Financial Officer Dave Morton was hired last month after his headline-generating exit from Tesla, the latest in a chain of departures from the electric-car maker.
Anaplan competes against companies such as Oracle Corp. and SAP AG, as well as Adaptive Insights Inc. That company was acquired this year by Workday Inc. within days of its own expected IPO.
Anaplan had a net loss of $47 million in six months ended July 31, on total revenue of $109 million, according a filing with the U.S. Securities and Exchange Commission. In the year-ended Jan. 31, the company saw a net loss of $48 million on revenue of $168 million.
Goldman Sachs Group Inc. and Morgan Stanley led the offering. The stock trades on the New York Stock Exchange under the symbol PLAN.
To contact the reporter on this story: Michael Hytha in San Francisco at firstname.lastname@example.org
To contact the editors responsible for this story: Elizabeth Fournier at email@example.com, Michael Hytha, Andrew Pollack
©2018 Bloomberg L.P.