The web security company made started trading on the public markets
skyrocketed more than 25% in its first day of trading on the public market on Friday. The company opened trading at $18 after it priced its IPO at $15 a share on Thursday.
Earlier this week, the company raised its IPO price range to between $12 and $14 per share, up from its previous range of $10 to $12 per share. The company offered more than 35 million shares for sale, raising $525 million in the process. Cloudflare provides cloud-based network services to enterprises, helping them distribute their content and keep it available online. In the company's initial prospectus, Cloudflare reported a $36.8 million net loss on $129.2 million in revenue for the first half of 2019, with revenues up 48% and losses up 13% from the same period a year ago.
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