(Bloomberg) — ForgeRock Inc., a maker of identity-verification software, rose as much as 51% in its trading debut, joining a dozen U.S. initial public offerings that have delivered first-day gains this week.
The San Francisco-based company raised $275 million in an initial public offering priced above a marketed range. Its shares were up 42% to $35.57 at 1:17 p.m. Thursday in New York trading, giving it a market value of $2.8 billion. The company sold 11 million shares on Wednesday for $25 each in the IPO after marketing them for $21 to $24.
Accounting for stock options, restricted stock units and preferred and common stock warrants, the company would have a fully diluted value of more than $3.3 billion.
ForgeRock is the 12th in a swarm of IPOs this week that have raised $4.38 billion on U.S. exchanges, according to data compiled by Bloomberg. So far, shares of those companies, which don’t include blank-check companies, are trading 45% above their IPO prices on a weighted average basis, the data show.
Technology consulting firm Thoughtworks Holding Inc.’s $774 million listing was the largest of those IPOs. On Holding AG, the maker of On running shoes backed by tennis star Roger Federer, has now topped that with $858 million including so-called greenshoe shares issued after the trading debut by underwriters.
ForgeRock had a net loss of $20 million in the first six months of the year, down from $36 million in same period in 2020. Meanwhile, its revenue for that period climbed to $85 million from $55 million, according to the filing.
In April 2020, ForgeRock said it raised almost $94 million in a funding round led by Riverwood Capital and included investors such as Accel, Meritech Capital Partners and Foundation Capital. Those firms each control 5% or more of the company’s shares, according to the IPO filing.
The offering was led by Morgan Stanley and JPMorgan Chase & Co. The shares are trading Thursday on the New York Stock Exchange under the symbol FORG.
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