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IPO Report: ForgeRock stock surges 46% on first day of trading

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18237500 - businessman hand pointing to investment as concept

ForgeRock Inc. shares bolted out of the gate on their first day of trading on the New York Stock Exchange Thursday, screaming past an already higher-than-expected pricing.

ForgeRock
FORG,
+46.00%

shares opened at $35 a share just after 11 a.m. Eastern, 40% above its initial public offering price of $25 apiece from late Wednesday. That, in itself, was above its forecast range of $21 to $24 a share. From there, the stock kept creeping higher, hitting an intraday high of $37.74. Shares were last up 45% at $36.30 in early afternoon trading.

The offering of up to 12.7 million shares, including overallotment options to underwriters, was set to raise up to $303.6 million. Thursday’s intraday high gave the San Francisco-based digital-identity platform a market value of $3 billion, based on 79.4 million outstanding shares.

The company booked revenue of $84.8 million for a loss of $20.1 million in the first six months of 2021, compared with revenue of $55.4 million for a loss of $36 million in the same period for 2020.

In a busy week for IPOs, the Renaissance IPO ETF
IPO,
+1.48%

was up 1% Thursday, and up 9.1% over the past three months, compared with a 0.4% daily decline in the S&P 500 index
SPX,
-0.16%
,
which is up 5.6% over the past three months.

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