Okta (NASDAQ: OKTA) stock popped upon its public debut Friday, opening up 38% from its pricing (at $23.56) and holding relatively steady throughout the day.
Founded in 2009, Okta offers a platform for enterprise cloud identity management that's designed to help companies securely connect and access integrated apps from a variety of devices. Okta had raised roughly $230 million in funding prior to the offering, including a $75 million round in 2015 at a reported valuation of $1.2 billion. Existing venture investors include Sequoia (21.2% pre-IPO stake), Andreessen Horowitz (19.6%) and Greylock (16.9%).
With the year’s second enterprise IPO in the books—MuleSoft completed its public offering in mid-March—2017 is shaping up to be a more welcoming environment for private startups looking to IPO than 2016. The first IT public offering of last year came when SecureWorks (NASDAQ: SCWX) took the plunge on April 22, with Acacia Communications (NASDAQ: ACIA) logging the second on May 13.