Customer experience management platform Medallia (NYSE: MDLA) rose more than 70% in its New York Stock Exchange debut Friday.
The nearly two-decades-old business priced its shares at $21 apiece, the top of its proposed range, Thursday evening and traded as high as $39.54 the following morning. Medallia closed up roughly 76% at about $37 per share on Friday.
Medallia sold a total of 15.5 million shares in its IPO, raising $326 million at a $2.5 billion valuation in the process.
San Mateo-headquartered Medallia, led by chief executive officer Leslie Stretch, operates a platform meant to help businesses better provide for their customers. Its core product, the Medallia Experience Cloud, provides employees real-time data on customers collected from online review sites and social media. The service