Stock starts trading on NYSE

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Frank Calderoni, president and chief executive officer of Anaplan Inc., center, rings the opening bell during the company's initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Oct. 12, 2018. 

Michael Nagle | Bloomberg | Getty Images

Frank Calderoni, president and chief executive officer of Anaplan Inc., center, rings the opening bell during the company’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Oct. 12, 2018. 

Software company Anaplan soared in its market debut on Friday, joining a rally in U.S. tech stocks after a rocky week of trading.

Anaplan shares jumped 32 percent to $22.52 as of mid-day, giving the company a market capitalization of $2.7 billion. Anaplan said Thursday night that it raised $263.5 million in the offering, selling shares at $17 a piece.

CEO Frank Calderoni told CNBC’s “Squawk Alley” that the company did not consider delaying the IPO amid the market rout, which sent the Nasdaq to its lowest close since May on Thursday. He said that business remains strong and that the company has almost 1,000 customers, including some companies with tens of thousands of users.

“I was really looking at the future of Anaplan and how that can be positioned,” said Calderoni, who replaced Frederic Laluyaux as CEO in early 2017 and was previously chief financial officer at Cisco and Red Hat. In the past two weeks, Calderoni said, things had worked out well for the company.

Anaplan benefited from a broader market rebound on Friday, with the Nasdaq climbing 1.2 percent.

2018-10-12 16:35:18

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