It’s not the sexiest tech IPO in a year of A-list names, but shares of Ping Identity Holding Corp. are up sharply, pushing the software company past $1 billion in market value.
While highly-touted initial public offerings from…
Uber Technologies Inc. UBER, and Lyft Inc. LYFT, stalled out of the blocks, Ping’s stock PING, has climbed 24% to $18.67 on its trading debut Thursday, reaching as high as $19.74.
“We think of this as a starting point rather than the finish line,” Ping Chief Financial Officer Raj Dani told MarketWatch in a phone interview.
The stock of the Denver-based software company, which provides mission-critical identity security to some of the largest companies in the world including Thomson Reuters Corp. TRI, +0.61% and Blue Cross Blue Shield, was priced at $15 late Wednesday. Ping sold 12.5 million shares in the IPO to raise $187.5 million.
With 77.6 million shares outstanding after the IPO, the pricing pegged Ping’s market valuation at $1.16 billion.
“Our customers call us a tier-zone solution because without us planes don’t fly and surgeries don’t happen,” Dani said, adding that Ping’s Fortune 100 clients include a dozen banks, five of the top seven retailers, and a major airline — none of whom he is contractually allowed to name. Ping has more than 25 customers with over $1 million in annual recurring revenue.
Ping announced its…
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