Cloudera Inc. held its IPO today on the New York Stock Exchange. The company and its underwriters settled on an IPO price of $15, pricing above expectations of $12-$14.
Shares of Cloudera are up 22%, or $3.20, in the stock’s first minutes of trading.
Cloudera describes itself as a “United States-based company, which offers Cloudera, a platform for machine learning and analytics built on open source technologies.”
Cloudera is offering 15 million shares with an optional 2.25 million for underwriters, for a total of $250 million.
Cloudera held a private round of fundraising in 2014 offering shares at $30.92, which valued the company at over $4 billion. Today’s IPO values the company at about $2 billion, so investors from that 2014 round will see the value of their investment almost cut in half.
Chip maker Intel made a substantial investment in Cloudera several years ago.