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Shares of Coupa Software (COUP) Soar on IPO

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Shares of Coupa Software (COUP - Free Report) are soaring over 100% after its initial public offering in what could be another encouraging sign for an IPO market that is slowly heating up. The cloud-based, enterprise-level spend management company raised $133.2 million by selling 7.4 million shares at $18.

Coupa garnered a significant amount of buzz heading into its IPO day after the company priced its initial public offering at the high end of its range late Wednesday. Investors are also excited about the company’s recent growth; for the six-month period ended July 31, Coupa saw revenues of $60.3 million, up 74% year-over-year.

Based in San Mateo, California, Coupa provides a cloud-based platform that helps businesses control their spending. Founded by two former Oracle (ORCL - Free Report) employees, Coupa counts Coca-Cola Consolidated , Adidas (ADDYY - Free Report) , Subway, Sears , Concentrix, and Salesforce (CRM - Free Report) among its several hundred worldwide clients.

The tech IPO market has been sluggish for most of the year, with a few lone stars like Twilio (TWLO - Free Report) , Acacia Communications (ACIA - Free Report) , and LINE receiving most of the attention. However, with Coupa’s big first day, successful tech IPOs are becoming a trend as of late.

Q3’s activity kicked off with the market debut of Talend (TLND - Free Report) , a “big data” integration startup. Shares of TLND are currently trading around $25.15, well above its IPO price of $18 (also read: After Successful IPO, Meet Big Data Company Talend).

Other recent IPOs include Everbridge (EVBG - Free Report) , a SaaS emergency communications service that gained over 22% on its first day of trading, and The Trade Desk (TTD - Free Report) , a digital advertising platform that is currently trading about 42% higher than its IPO price.

One of the most important factors for private companies looking to go public is the performance of IPOs from industry peers, so the latest patterns indicate that the tech IPO market could finally be getting busy this year.

For more coverage on IPOs, check out the Zacks Friday Finish Line team’s exclusive interview with Kathleen Smith, co-founder of IPO-based research firm Renaissances Capital:

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