Guidewire jumps 38 percent in stock market debut
SAN MATEO, Calif. (AP) — Guidewire Software
quickly found a following in its stock market debut Wednesday.
The insurance software maker's stock jumped to
$18 within their first few hours of trading, a 38 percent gain from the initial public offering
price of $13.
Guide Software Inc. sold 8.85 million
shares in the IPO. The offering raised $115 million, before expenses.
The 11-year-old company is based in San Mateo, Calif. and
employs about 200 people. It specializes in software that helps insurers analyze
risks and manage claims.
After a history of early losses, Guide Software turned a
profit in each of the last two fiscal years. It earned $36 million on revenue of
$172 million in the year ending last July.
The stock trades under the ticker symbol
GWRE.
– 50 mins ago
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