HaschiCorp to go public after IPO prices well above expectations, as company raises over $1.2 billion


HashiCorp Inc. HCP, is set to go public Thursday, after the California-based cloud adoption software company’s initial public offering priced overnight well above the expected range. The company raised $1.22 billion as it sold 15.3 million shares in the IPO, which priced at $80 a share, above the expected range of between $68 and $72 a share. The pricing valued the company at about $14.31 billion. The stock is expected to begin trading on the Nasdaq some time after the open under the ticker symbol “HCP.” The company is going public at a time of relative weakness in recent IPO shares, as the Renaissance IPO ETF IPO, +2.03% has tumbled 12.2% over the past three months while the S&P 500 SPX, +0.31% has gained 4.6%.

This article was originally published by Marketwatch.com. Read the original article here.

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