ForgeRock stock surges 46% on first day of trading

The offering of up to 12.7 million shares, including overallotment options to underwriters, was set to raise up to $303.6 million. Thursday’s close gave the San Francisco-based digital-identity platform a market value of $2.9 billion, based on 79.4 million outstanding shares.

The company booked revenue of $84.8 million for a loss of $20.1 million in the first six months of 2021, compared with revenue of $55.4 million for a loss of $36 million in the same period for 2020.

In a busy week for IPOs, the Renaissance IPO ETF IPO, +1.48% was up 1.6% Thursday, and up 9.8% over the past three months, compared with a 0.2% daily decline by the S&P 500 index SPX, -0.16%, which is up 5.9% over the past three months.