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IPO Report: Zscaler shares more than double after IPO as CEO touts cloud-based security

Zscaler Inc. shares more than doubled on their first day of trading Friday after the cloud-based security company priced its initial public offering above its already-increased range late Thursday.

That rush into the stock is a testament to Zscaler ZS, +106.25% filling a wide need for today’s businesses, which can no longer rely upon solely upon traditional network security as more and more enterprise applications move to the cloud, Zscaler chief executive and founder Jay Chaudhry told MarketWatch.

Zscaler shares surged 106% to close at $33 on volume of 16.8 million shares Friday. The company sold 12 million shares with Morgan Stanley and Goldman Sachs acting as lead underwriters in the first Silicon Valley tech unicorn to go public in 2018.

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