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IPO Report: ForgeRock stock surges more than 40% on first day of trading

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ForgeRock Inc. shares bolted out of the gate on their first day of trading on the New York Stock Exchange Thursday, screaming past an already higher-than-expected pricing.

ForgeRock
FORG,
+43.12%

shares opened at $35 a share just after 11 a.m. Eastern, 40% above its initial public offering price of $25 apiece from late Wednesday. That, in itself, was above its forecast range of $21 to $24 a share. From there, the stock kept creeping higher, hitting an intraday high of $37.74. Shares were last up 45% at $36.30 in early afternoon trading.

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 intraday high gave the San Francisco-based digital-identity platform a market value of $3 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,
+0.93%

was up 1% Thursday, and up 9.1% over the past three months, compared with a 0.4% daily decline in the S&P 500 index
SPX,
-0.41%
,
which is up 5.6% over the past three months.

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