Zuora started at hold with $20 stock price target at Canaccord Genuity

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Zuora’s stock debuts 43% above its IPO price

Shares of Zuora Inc. debuted on the NYSE with a bang, as trading began 43% above its initial public offering price. The first trade was at $20 at 10:42 a.m. ET for 2.06 million shares, while the IPO priced at $14, above the expected range of $11 to $13. Since the open, the subscription services software company’s stock has traded in a range of $19.12 to $20.75, and was recently 44% above its IPO price. Indications for Zuora’s opening price had climbed steadily throughout the morning until trading began. The company, which claims it coined the term “subscription economy” 10 years ago, has gone has gone public at a time that the Renaissance IPO ETF has gained 1.2% year to date, while the S&P 500 has eased 0.3%.

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