Zuora Makes its Market Debut and Soars Almost 43%
Author By Sophia VidaPosted on Cloud software company Zuora made its debut on the NYSE on Thursday and saw its shares pop.
The company, which helps businesses manage their subscription services with billing as well as analytics offerings, closed up almost 43% on its first day of trading.
The company priced 11 million shares at $14 late Wednesday which was already above the expected range of $11 – $13. Shares opened at $20 on Thursday.
According to the company’s CEO Tien Tzuo, the company’s stock is like an “index fund of the subscription economy.”
“There’s a big, big secular shift going on where companies aren’t selling products anymore. More and more they’re subscribing to services,” Tzuo said to CNBC’s “Squawk on the Street” on Thursday.
“We’re the company really powering this, and we’re the company uniquely positioned to benefit from this secular shift,” he added.
Zuora considers its direct competitors Oracle and SAP.
The stock trades under the ticker symbol ZUO on the NYSE.
Disclaimer: We have no position in ZUORA INC. (NYSE: ZUO) and have not been compensated for this article.
