(Bloomberg) -- Data-management software provider Informatica Inc. fell as much as 5.1% before making modest gains in its trading debut after pricing its initial public offering at the bottom of a marketed range.
The company's shares, which sold for $29 each in the IPO, opened trading in New York Wednesday at $27.55. They were up 1.8% from the offer price to $29.53 at 1:06 p.m., giving the company a market value of $8.1 billion.
The company raised $841 million Tuesday, selling 29 million shares it had marketed for $29 to $32 each.
The listing adds to a heady year for software IPOs on U.S. exchanges, led by Playtika Holding Corp.'s $2.16 billion offering. Not including Informatica, 67 software companies have raised almost $33 billion since Jan. 1, according to data compiled by Bloomberg.
Informatica, based in Redwood City, California, had a net loss of $36 million on revenue of $676 million for the six months of June 30, compared with a loss of $103 million on revenue of $619 million a year earlier, according to the filings.
The software maker plans to use proceeds for working capital, to repay debt and fund acquisitions or investments.
Canada Pension Plan Investment Board and Permira affiliates are listed as its biggest shareholders and will control about 88.5% of the company's voting power. The pair took Informatica private in 2015 in a deal that valued the company at $5.3 billion.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the offering. The company's shares are trading on the New York Stock Exchange under the symbol INFA.
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