Software maker MuleSoft soars in debut

MuleSoft Inc’s shares jumped as much as 49.7 percent in their debut, giving the enterprise software company a market capitalization of $3.21 billion.

The offering of 13 million shares was priced at $17 each on Thursday – above the expected range of $14-$16 – and raised about $221 million.

MuleSoft’s shares opened at $24.25 and hit a high of $25.45 on the New York Stock Exchange in early trading.

The San Francisco-based company makes software that automatically integrates disparate data, devices and applications to help businesses networks run faster.

The company has more than 1,000 customers, including Coca-Cola Co, McDonald’s Corp, Inc, Spotify and Unilever.

MuleSoft’s total revenue jumped 70 percent to $188 million in 2016, according to its IPO filings. The company is not profitable, but its losses narrowed to $50 million last year from $65 million in the previous year.

However, profitability has not really been a requirement for joining the so-called “unicorn” club – venture-backed private companies worth $1 billion or more.

Shares of software maker Twilio Inc , which is also not profitable, are trading at twice their IPO price.