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Tech IPOs Keep Popping as Phreesia Surges 53% in Debut

Drew Singer

(Bloomberg) -- The popping phenomenon in technology IPOs extended into the second half on Thursday, when health care software developer Phreesia Inc. surged as much as 53% above its offering price.

Phreesia’s pop follows ten other initial public offerings that debuted at least 50% above their IPO prices in June. It’s the first U.S. technology firm to go public since the calendar’s annual pause for Independence Day vacations, providing proof that the mania for new issues is still going strong more than a month after traders piled into arrivals like like Chewy Inc. and CrowdStrike Holdings Inc.

Phreesia’s IPO priced above its offering range on Wednesday. The next U.S. technology firm planning to go public is Medallia Inc., whose IPO is expected to also price above-range on Thursday.

To contact the reporter on this story: Drew Singer in New York at dsinger28@bloomberg.net

To contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Steven Fromm

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