Shares of data streaming platform Confluent closed at $45.02 on Thursday, or 25 percent above their IPO price on their first day of trading.
Confluent Inc is aiming for a valuation of about $8.3 billion in a U.S. initial public offering, cashing in on a surge in demand for live-streaming software as companies move online due to the COVID-19 pandemic. The Mountain View, California-based company plans to offer 23 million shares and has set a price range of $29 to $33 per share, according to a regulatory filing.
Confluent Inc, a real-time event streaming platform, has confidentially submitted paperwork for a U.S. initial public offering, joining hundreds of other tech startups that are looking to cash in on the current boom in capital markets. The company, which is backed by Microsoft Corp's (MSFT.O) LinkedIn, did not disclose any other details about its listing plans.