Investors interested in technology have had a nice surprise this year — initial public offerings. As the trough of 2016 moves further into memory, companies such as Snap and MuleSoft have made their market debuts. On April 7, another tech unicorn went public: Okta, Inc (NASDAQ: OKTA).
The company sold 11 million shares at $17, above the projected range of $13-15, for a market cap of 1.52 billion. The stock shot up to $23 when the market opened, and today trades above $24 — almost double the initial projected range.