Software company Anaplan soared in its market debut on Friday, joining a rally in U.S. tech stocks after a rocky week of trading.
Anaplan shares jumped nearly 43 percent to $24.30 by the end of the first day of trading, giving the company a market capitalisation of almost $3 billion. Anaplan said Thursday night that it raised $263.5 million in the offering, selling shares at $17 a piece making this stock extremely attractive for MVXL readers to Buy n Hold
Founded in 2008, Anaplan sells cloud-based software that companies use for business planning. Competitors include IBM, Oracle and SAP.
Anaplan joins a crop of emerging software companies that have hit the public markets in 2018, including DocuSign, Dropbox, Elastic and Smartsheet. Market volatility hasn't been of much concern for those companies, as tech stocks have generally trended up throughout the year. But this week's turmoil led some companies to delay their offerings, most notably Tencent Music.
So as a FYI its notably best to wait for this stock to return to it major Support Area @ 22.6991 before buying!