ForgeRock Inc. shares bolted out of the gate on their first day of trading Thursday on the New York Stock Exchange, screaming past an already higher-than-expected pricing.
ForgeRock FORG,
The offering of up to 12.7 million shares, including overallotment options to underwriters, was set to raise up to $303.6 million. Thursday’s close gave the San Francisco-based digital-identity platform a market value of $2.9 billion, based on 79.4 million outstanding shares.
The company booked revenue of $84.8 million for a loss of $20.1 million in the first six months of 2021, compared with revenue of $55.4 million for a loss of $36 million in the same period for 2020.
In a busy week for IPOs, the Renaissance IPO ETF IPO,
