Coupa Software went public on the Nasdaq Stock Market today and saw shares gain 84% after the close of trading.
Coupa, based in San Mateo, sold 7.4 million shares at $18 and the stock opened for trading at $35. It closed the day at $33.28 for a nice first day gain.
Coupa delivers a cloud-based spend management platform that unifies business processes across the various ways that employees spend money. The company’s consumerized financial applications digitize spending across travel and expense management, procurement, and invoicing. Coupa’s platform connects more than 460 organizations with more than 2 million suppliers globally, providing greater visibility into and control over how companies spend money.
“Our cloud platform has transformed how organizations spend and save money,” said Rob Bernshteyn, CEO of Coupa. “Today’s IPO on Nasdaq marks a major milestone for Coupa and underscores our long-term commitment to drive customer value and our clear focus on their results.”