Shares of Australian business software maker Atlassian soar in their Nasdaq debut. Bobbi Rebell reports.
Big smiles on the faces of the Atlassian team ringing the opening bell at the Nasdaq this morning. The stock priced at $21 a share, above its expected range. It soared after trading began, rising about thirty percent on day one. Investors finally warming up to an IPO- after a run of offerings like Square that had to be discounted when going public. Atlassian, which makes collaboration and business software including Hipchat, has been profitable for most of its existence. Renaissance Capital's Kathleen Smith: SOUNDBITE: KATHLEEN SMITH, MANAGER, IPO ETF FUND, RENAISSANCE CAPITAL (ENGLISH) SAYING: "In the technology area, we've seen so many companies that are growing without any regard to profit this one has not only strong growth, but also brings money well to the bottom line, and they have done it in a unique way. They really have no direct sales and marketing. So, a company without direct sales and marketing growing at fifty percent and profitable. Pretty impressive combination." They also have been largely self funded. Atlassian President Jay Simons: SOUNDBITE: JAY SIMONS, PRESIDENT, ATLASSIAN (ENGLISH) SAYING: "We were founded in Australia in 2002, so at the end of the dot com crisis, right in the middle of it, so nuclear winter for tech. And, I think, we had to think differently about building a global business, and reaching customers in every market. And, I think, that gave birth to our really unique go to market model and distribution model. " Clients include A-listers like NASA, Tesla Motors, Twitter and even the U.S. Treasury Department.