Customer Experience Management Platform Medallia (NYSE: MDLA) increased over 70% on its debut on the New York Stock Exchange Friday.
The nearly two decade old business priced its shares at $ 21, the top of the proposed range, Thursday night and traded as high as $ 39.54 the next morning. Medallia sold a total of 15.5 million shares in its IPO, increasing $ 326 million in a $ 2.5 billion valuation process.
San Mateo, headquartered in Medallia, led by CEO Leslie Stretch, runs a platform designed to help businesses better provide their customers. The core product, the Medallia Experience Cloud, provides employees with real-time data on customers gathered from websites and social media. The service utilizes this data to provide insights and tools to enhance the customer experience.
The company is supported by four venture capital firms: Sequoia Capital ̵
Sequoia's 40% stake was worth upwards of $ 1.8 billion at Medallia's high price on Friday.