Anaplan, a 10-year-old software company that sells cloud-based business planning applications, raised $263 million in its IPO, giving it a valuation of nearly $3 billion, according to CNBC. Shares of Anaplan soared 43% to $24.30 in their first day of trading. Part of the reason investors are bullish is because Anaplan—which competes with much larger companies like Oracle, SAP and IBM—has landed several big-name customers, including Coca-Cola, VMware and United Airlines.
Anaplan’s IPO came after a difficult week for tech stocks, which included Tencent Music’s announcement that it will delay its planned IPO until next month. But software-as-a-service companies are still attracting interest on Wall Street, as previous successful IPOs from such companies as DocuSign, Elastic and SmartSheet have shown.