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IPO Report: PagerDuty stock skyrockets nearly 60% on first trading day after IPO

PagerDuty Inc. shares rallied hard on their first day of trading Thursday, skyrocketing nearly 60% after the cloud-based digital management platform priced its initial public offering above an already elevated range, but the CEO believes there is much more room to run.

Shares of PagerDuty PD, +59.38% surged more than 59% to close at $38.25 Thursday, giving the company a valuation of $2.82 billion, according to FactSet data. Late Tuesday, the company priced shares at $24 a piece to raise more than $200 million, after hiking its expected price to a range of $21 to $23 as early as last week; initially, the San Francisco company targeted a price of $19 to $21 for IPO shares.

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