10/12/2018, 6:30 PM (Source:
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Chart for: Anaplan Inc

Anaplan surges up to 47% in New York listing

Anaplan Inc. debuted at the market on Friday by reaching a valuation of just under $3.05 billion. Shares were snapped up by investors at the stock exchange after they were priced at the top of the $15 to $17 range, compared to the initial estimate of between $13 and $15. The developer of a cloud-based enterprise platform for real-time planning, decision making and performance management was launched at $24 per share under symbol PLAN and spiked as much as 47.01% to $25.

The loss-making company based in San Francisco claims it is invading an area dominated by the likes of IBM, Oracle and SAP. It sold 15.5 million shares, raising $263.5 million, and said a chunk could be used "to acquire or invest in complementary products, technologies, or businesses." The initial public offering of the firm founded in 2006 ends on October 16.

Anaplan was worth $1.4 billion when it last raised capital, almost a year ago. Its investors have the option to purchase an additional 2.33 million shares at a discount. PremjiInvest separately agreed to invest up to $20 million at the IPO price.

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