GitLab Shares Rise Over 20% in First Day of Dealing

GitLab Inc. shares rose out of the gate Thursday, rising more than 20% above the initial public offering price.

GitLab GTLB,
shares began trading on the Nasdaq at 12:10 a.m. Eastern Thursday, opening at $94.25, or more than 22% above the price of their IPO. They recently rose more than 23% at $95.02, after hitting an intraday high of $96.50.

Late Wednesday, GitLab priced its stock at $77 a share, well above its already elevated range.

Read: GitLab IPO: 5 Things to Know About the $11 Billion Remote Software Company

On Tuesday, GitLab increased its projected price range to between $66 and $69 a share, from a forecast last week of $55 to $60 a share. Wednesday’s pricing values ​​the company at $11 billion, based on 143 million shares expected to be outstanding after the offering.

The all-remote software company specializes in so-called DevOps software, which allows software developers and operators to collaborate on projects to deliver faster and more relevant software updates to their internal systems on an almost constant basis.

The stock’s strong debut comes on a day of relatively strong investor interest in IPOs, such as the Renaissance IPO exchange-traded fund IPO,
rose 2.0% in recent trading, while the S&P 500 index SPX,
1.6% won.