NEW YORK (AP) — Shares of Veeva Systems Inc. nearly doubled in their trading debut Wednesday after the cloud-based software company raised about $261 million in its initial public offering.
Veeva Systems, which is based in Pleasanton, Calif., makes cloud software for pharmaceutical companies and other life science businesses that helps them manage customers and increase productivity. The programs are hosted on remote servers, often called the "cloud." That means that businesses don't need to install and run software in-house, saving on the costs of running their own hardware.
The company priced its offering of 13 million shares at $20 per share. That's above the $16 to $18 per share it had previously expected to price them at.
The stock rose $18.57, or 93 percent, to $38.57 in afternoon trading Wednesday. It rose as high as $39.64 earlier in the day.
The stock is trading under the symbol "VEEV" on the New York Stock Exchange.
Veeva Systems did not specify how it would use the money it raises, but said it may use it for acquisitions or investing in other businesses.