Data analytics provider Alteryx (AYX) popped 23% on its first day of trading Friday, adding more fuel to a market for initial public offerings that continues to percolate since the debut of tech unicorn Snap (SNAP).
Alteryx raised $126 million by offering 9 million shares at $14, the high end of the estimated price range of $12 to $14. The stock opened at 17.25 just before 10:30 ET on the stock market today, and subsequently dropped to 16.67 in its first minutes of trading.
Research firm IPO Boutique said its channel checks had revealed that, according to underwriter guidance, the deal was “multiple-times oversubscribed.”
Alteryx defines itself as “a leading provider of self-service data analytics software.” Its subscription-based software platform “enables organizations to dramatically improve business outcomes and the productivity of their business analysts,” the company said in its IPO prospectus. “It allows organizations to easily prepare, blend, and analyze data from a multitude of sources and more quickly benefit from data-driven decisions.”
…