Okta, the identity management software company, went public on the Nasdaq today, continuing a wave of tech IPOs. After pricing its IPO at $17, Okta raised $187 million by selling 11 million shares in the offering.
And the company was greeted with strong investor reception, closing up 38 percent at $23.51 on Friday. While it’s a good omen for its performance in the stock market, it also means the company could have sold its shares for more than $17 — and raised more money.
But it was exciting for Okta to reach this milestone, with CEO Todd McKinnon saying that they see this moment as a “step on the journey.” McKinnon said that like with many startups, a lot of their employees took lower salaries because they believed their equity compensation would be worth something eventually. Some employees had been at the company for the full eight years and “they have to have a chance to sell that at some point.”
Okta closed the day with a market…