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Cloud spend management company Coupa today saw its stock debut on the Nasdaq Global Market, and the stock closed at $33.28, up 84 percent from the $18 price at which it sold 7.4 million shares to raise $133.2 million in its initial public offering (IPO). The opening price of $35 was up 94 percent from the IPO price.

The closing price is down 4 percent from today’s opening price. During trading hours the stock price fluctuated between $31 and $41.

The lead underwriters in the deal were Morgan Stanley, J.P. Morgan, Barclays, and RBC Capital Markets. Coupa first filed paperwork to start the process of its IPO a month ago.

The pop comes after data center hardware company Nutanix’s stock closed 131 percent above its IPO price. Other 2016 technology IPOs include Line, Talend, and Twilio.


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Founded in 2006 by Oracle executives Noah Eisner and Dave Stephens, Coupa offers cloud services for managing invoices, expenses, inventory, and procurement. The company is based in San Mateo, California.

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