Jamf Goes Public at $26 Per Share; Stock Up in Early Trading
Initial public offerings from Minnesota-based companies are few and far between. But on Wednesday Minneapolis-based Jamf Holding Corp. went public at $26 per share, higher than previous estimates from the company on the pricing of the IPO.
Shares started trading significantly higher at $46 per share. At one point in early trading it hit $50.04 per share, up 92.4 percent from its IPO price. Shortly after 11 a.m. Central Time, the stock price was hovering close to $46 per share again. At 11:11 a.m. it was trading at $45.78 per share, up 76 percent from its IPO price.
The stock closed on Wednesday at $39.20 per share. That was up 50.8 percent from its IPO price, but notably down from where it stood in early trading.
A Tuesday press release from the company indicated that it expected to receive $319.7 million form the stock sale after deducting underwriting discounts and commissions.
In a July 14 filing with the U.S. Securities and Exchange Commission last week the company estimated that shares would be priced in the range of $17 to $19 per share in the IPO. In a Monday, July 20 filing, Jamf boosted the estimated share price to a range of $21 to $23 per share.
A filing late Tuesday indicated that the IPO price climbed even higher to $26 per share.
Of Jamf’s pricing climb, technology web site TechCrunch noted “Jamf’s IPO underscores that public market investors are hungry for new technology offerings.”
Jamf bills itself as “the standard in Apple Enterprise Management” with a cloud software platform to help businesses and other organizations work with their Apple devices.
Before hitting the market, Jamf also boosted the total number of shares for sale. Existing shareholders offered 4.5 million shares for sale, an increase of 2 million shares from the company’s originally outlined plans.
Jamf is no startup. The company was founded in 2002 and posted revenue of $204 million for 2019.
On Wednesday Jamf CEO Dean Hager and team remotely rang the Nasdaq Opening Bell in a “virtual bell ringing ceremony.”