Sumo Logic prices IPO above range at $22

Sumo Logic (NASDAQ:SUMO) has priced its IPO of 14.8M common shares at $22.00/share, above estimated range of $17-21, for the expected gross proceeds of $325.6M.

Trading kicks off September 17.

Underwriters’ over-allotment is an additional 2.22M shares.

Closing date is September 21.

Financials for 6 months ended June 2020: Revenues: $96.6M (+37.6%); Net loss: ($35.8M) (-23.4%); Loss/share: ($1.93) (+9.4%); Cash used in operations: ($27.9M) (-80.0%); Total Assets: $233.5M; Total Liabilities: $137.5M .

Sumo was founded in 2010 to extract real-time insights from their enterprise data through a cloud-native. The company’s intelligence platform enables organizations to automate the collection, ingestion, and analysis of application, infrastructure, security, and IoT data to derive actionable insights within seconds.

There were two previous blockbuster deals this week:

Snowflake (NYSE:SNOW) priced at $120 a share, opened for trading at $245, and closed its first day as a public company at $253.93.

JFrog (NASDAQ:FROG) priced an offering at $44/share, opened at $71.27, then eased back to $64.79.

Previously: Sumo Logic sets IPO terms (Sept. 8)