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.
Former Speaker Dennis Hastert Indicted For Lying To The FBI, Evading Currency Transaction Reports | Matt Vespa
Fifteen Dollars an Hour for Thee, but Not for Me: California Unions Request Exemption from New Wage Law | Christine Rousselle