Coupa Surges After Shares in IPO Price at Top of Increased Range

Coupa Software More Than Doubles in IPO

Coupa Software Inc. more than doubled in its trading debut, after the company priced the shares in its initial public offering at the high end of an increased range.

The stock surged 109 percent to $37.65 as of 11:16 in New York, giving the company a market value of about $1.8 billion. The shares are listed on the Nasdaq Stock Market under the symbol COUP.

Coupa, which creates software that helps its employees shop for and purchase goods needed in their workplaces, raised $133.2 million, according to a statement Wednesday, selling 7.4 million shares for $18 apiece. The company boosted its marketed price range to $16 to $18 a share this week from an initial $14 to $16.

The San Mateo, California-based company is backed by Battery Ventures and T.Rowe Price. It marks the seventh venture capital-owned technology company to go public in the past month. Notably, Nutanix Inc. raised $238 million and Apptio sold $110 million in stock in their IPOs. Four of those stocks are trading up more than 30 percent from their listing price.

Coupa posted a net loss of $46.2 million on total revenue of $83.7 million in the year ended Jan. 31. The prior year, the company lost $27.3 million on total revenue of $50.8 million. More than half the company’s operating expenses come from sales and marketing.

Capital One Financial Corp. and Staples Inc. are among Coupa’s more than 460 customers, according to the IPO prospectus.

Morgan Stanley, JPMorgan Chase & Co., Barclays Plc and Royal Bank of Canada led the offering.

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