Software maker CrowdStrike Holdings Inc. soared in its trading debut Wednesday after raising $612 million in one of the biggest-ever initial public offerings for a cybersecurity company.
Shares opened at $63.50 and rose as high as $67 — up as much as 97% from their $34 IPO price. The shares ended the day up 71% at $58. That valued the company at about $11.4 billion, almost quadruple its $3-billion valuation last June.
CrowdStrike said it sold 18 million shares Tuesday at $34 each, above its already elevated target range. The Sunnyvale, Calif., company had marketed the shares for $28 to $30, a target it had earlier raised from a range of $19 to $23.
Founded in 2011 by former McAfee Inc. executives, CrowdStrike makes software to protect clients from cyberattacks, including predicting and detecting potential hacks. Its clients include Amazon.com Inc. and HSBC Holdings, according to its filings.