Cloudera Inc. held its IPO today on the New York Stock Exchange. The company and its underwriters settled on an IPO price of $US15, pricing above expectations of $US12-$US14.
Shares of Cloudera are up 22%, or $US3.20, in the stock’s first minutes of trading.
Cloudera describes itself as a “United States-based company, which offers Cloudera, a platform for machine learning and analytics built on open source technologies.”
Cloudera is offering 15 million shares with an optional 2.25 million for underwriters, for a total of $US250 million.
Cloudera held a private round of fundraising in 2014 offering shares at $US30.92, which valued the company at over $US4 billion. Today’s IPO values the company at about $US2 billion, so investors from that 2014 round will see the value of their investment almost cut in half.
Chip maker Intel made a substantial investment in Cloudera several years ago.
Business Insider Emails & Alerts
Site highlights each day to your inbox.