(Bloomberg) -- Duck Creek Technologies Inc., a software provider for insurers, climbed as much as 65% in its trading debut after raising $405 million in an initial public offering priced above the targeted range.

The Boston-based company sold 15 million shares for $27 apiece, according to a statement Thursday, after marketing them for $23 to $25 each. The shares opened at $42 and were up 49% from the offer price to $40.30 at 12:21 p.m. in New York trading Friday, giving the company a market value of about $5.2 billion.

After a spring lull in IPOs amid the uncertainty and volatility brought on by the coronavirus pandemic, issuers and bankers aren’t taking much of a summer break. Less than halfway through the month, companies, including so-called blank-check companies, have raised $9.7 billion in U.S. IPOs. That’s busier then the entire month of August for every year since 2000, when $10.3 billion was raised, according to data compiled by Bloomberg.

There are more deals to come. Airbnb Inc., the most anticipated listing of the year, plans to file for an IPO within weeks and could go public this year after posting better than expected second quarter results, Bloomberg News reported. Palantir Technologies Inc., the secretive data analysis software company, is eying a direct listing in late September.

Duck Creek’s backers include counts Apax Partners and Dragoneer Investments Group.

For the nine months ended May 31, Duck Creek lost $8.5 million on revenue of $153 million, according to its filings. That compared with a loss of $14 million on $123 million in revenue for the same period in 2019.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. led the offering. Duck Creek’s shares are trading on Nasdaq Global Select Market under the symbol DCT.

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