Okta Soars Above $17 Issue Price In Market Debut

By Caitlin HustonMarketsMarketWatch Pulse

Shares of Okta Inc. opened at $23.70 Friday, above the company's $17 issue price, in the software company's debut on the Nasdaq. Okta, which helps companies securely mange sign-ons, priced its IPO at $17 a share, the top end of its range, to raise $187 million. That issue price put the company's public market capitalization above its last private valuation, when it sold shares for $12.02 at a valuation of $1.2 billion. Goldman Sachs, J.P. Morgan and Allen & Co. were the lead underwriters on the offering. The underwriters have the option to buy up to 1.65 million additional shares.

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