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JFrog shares jump 62% in Nasdaq debut

Kitco News

(Reuters) - Shares of U.S.-Israeli technology provider JFrog Ltd FROG.O jumped 62% on Wednesday in their Nasdaq debut, after the company raised $509 million in its upsized initial public offering.

The stock opened trading at $71.27 per share, compared with the IPO price of $44 per share.

Sunnyvale, California-based JFrog, founded in 2008, develops tools for automating the process of building and maintaining apps and counts Amazon.com Inc AMZN.O, Alphabet Inc-owned Google GOOGL.O and Netflix Inc NFLX.O among its customers.

JFrog’s debut comes in the midst of a massive boom in U.S. capital markets due to a rebound in demand for new listings after the COVID-19 pandemic forced many companies to postpone their plans to go public earlier this year.

Workplace software maker Asana Inc and Peter-Thiel backed firm Palantir are also seeking to go public this year.

For the six months ended June 30, the company posted revenue of $69.3 million, up 50.2% from a year ago. Its net loss was $426,000, compared with $2.1 million a year earlier.

Morgan Stanley, JP Morgan Chase & Co and BofA Securities are the lead underwriters for the IPO.

Reporting by Niket Nishant in Bengaluru; Additional reporting by Madhvi Pokhriyal; Editing by Aditya Soni and Maju Samuel

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