IPOS - HashiCorp surges 7% above its IPO price

HashiCorp (NASDAQ:HCP) shares surged 7% to $85.72 in Thursday trading, above its $80 initial public offering price. Based in San Francisco, HashiCorp (HCP) shares opened for trading at $81.16, slightly less than 2% above its offering price. On Wednesday, HashiCorp priced its IPO, selling 5.3M shares of its Class A common stock at $80 per share, for gross proceeds of $1.22 billion. The IPO was estimated to price between $68 and $72 per share. HashiCorp's products can be adopted individually and are also designed to work together as a stack. The company has built its products using an open-core software development model, and all of its products are developed as open-source projects. For the nine-month period ending October 31, HashiCorp (HCP) generated $224.2 million in revenue and a net loss of $62.4 million. In the year-ago period, the cloud infrastructure  had $150 million in sales and a net loss of

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HashiCorp surges 7% above its IPO price