IPO Watch: Coupa Makes Blockbuster Debut

(RTTNews) - Coupa Software made a stunning debut on the Nasdaq on Thursday morning as its shares more than doubled its IPO price.

Coupa shares rose as high as $39.50 in early trading on the Nasdaq, giving the company a value of $1.9 billion. The stock is trading at 34.85, up 93.61% as of 2:04 PM ET. The shares are listed on the Nasdaq Stock Market under the symbol COUP.

Coupa had priced its IPO of 7.4 million shares at $18.00 per share, raising about $133.2 million. It had initially predicted shares would sell in a range from $14 to $16, then increased that range to $16 to $18.

Coupa creates software that helps other companies shop for and purchase goods needed for their workplaces and control spending.

Coupa is the seventh venture capital-owned technology company to go public in the past month, according to Bloomberg report. Nutanix Inc. last month raised $238 million, while Apptio raise $110 million in their IPOs.

Coupa reported a loss of $46.2 million on revenues of $83.7 million in the year ended January 31.