MuleSoft’s IPO seems to have been a success by any standards. The company’s public offering took a decidedly similar path to Snap Inc’s IPO. For instance it opened up at $17, above its expected opening range of $14-$16. Stock closed trading at around $24.75, an impressive 46% premium over the company’s opening price.
In what was the first enterprise tech IPO of the year, MuleSoft managed to raise $221 million. However, we are going to reserve judgment on the stock until it has been trading for a couple of weeks. After all, look at Snap. The company followed a very similar growth curve and even managed to reach $29 at its peak, only to drop below $20 now.
Meanwhile, less people profited  from the IPO than you might imagine. After all, not everyone got access to the $17 price. Indeed, the only people who would have been able to pick up stock at its opening price would have been institutional investors and high net-worth individuals with relationships with the underwriting banks. For the rest, the stock opened up at $24.25 only to close at $24.75 — translating into profits of around half a dollar per share.
The company is the first enterprise tech entity to go public this year. It had raised $259 million in funding earlier at a $1.5 billion valuation. Stock owners include Lightspeed Venture Partners (17.1%), Hummer Winblad (15.8%) and New Enterprise Associates (14.3%).
Well, let’s hope the company can maintain its momentum — or failing which, Â trade stably. This is also a win for NYSE, which has scored two simultaneous tech IPOs over NASDAQ.
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