Shares of software maker Enfusion open at 18% premium to IPO pricing level

Shares of software maker Enfusion open at 18% premium to IPO pricing level

Shares of software maker Enfusion open at 18% premium to IPO pricing level

Enfusion Inc.
ENFN,
+16.35%

was well received on its Wall Street debut, as the Chicago-based investment management software company’s stock opened 17.6% above its IPO price. The company raised $260.5 million as it sold 15.32 million Class A shares in its initial public offering, which the company said overnight priced at $17 a share, at the top of the expected range of between $15 and $17 a share. Selling shareholders raised $58.3 million as they sold 3.43 million shares in the IPO. The stock’s first trade on the NYSE was at $20.00 at 11:16 a.m. Eastern for about 2.3 million shares. With a total of about 113.05 million Class A and Class B shares outstanding expected after the IPO, the stock’s first trade values the company at about $2.26 billion. The stock has pared some gains since the open to recently trade up 17.1% at $19.90. The company debuted on a day that the Renaissance IPO ETF
IPO,
+0.74%

rose 0.8% in midday trading while the S&P 500
SPX,
-0.09%

slipped 0.1%.