Shares of San Francisco-based tech firm PagerDuty (NYSE: PD) opened at $36.75, up 53% from its IPO price of $24 on its first day of trading on NYSE. PagerDuty increased its IPO price range from $19 to $21 to a range of $21 to $23 on Tuesday. Market watchers expected the $1.8 billion valued company to open up between $30 and $32.

Yesterday, PagerDuty announced that its 9.07 million shares of common stock will be priced at $24 per share. Morgan Stanley and J.P. Morgan Securities acted as lead book-running managers for the offering. RBC Capital Markets and Allen & Company acted as joint bookrunners.

PagerDuty PD stock IPO - Finanacials

According to Crunchbase, the 10-year old software maker had raised over $170 million in six rounds of funding before going public. This includes investments from Andreessen Horowitz, Bessemer Venture Partners and Accel Partners.

Also read: Lyft and six other companies went public in March

For the fiscal year 2019 ended on January 31, 2019, net loss was $40.7 million compared to a net loss of $38.1 million in the previous year. Revenue grew 48% year-over-year to $117.8 million.

PagerDuty’s global customer base at the end of fiscal year 2019 grew to 11,212 from 9,793 at January 31, 2018. One-third of this customer base includes Fortune 500 companies. No single customer represented 5% or more of the company’s revenue for the fiscal year ended January 31, 2019.

PagerDuty’s SaaS-based solution provides insights to customers about their business performance, evaluates their applications and automate them, and increase their productivity.

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