Okta, the identity management software company, went public on the Nasdaq today, continuing a wave of tech IPOs. After pricing its IPO at $17, Okta raised..
Okta, the identity management software company, went public on the Nasdaq today, continuing a wave of tech IPOs. After pricing its IPO at $17 , Okta raised $187 million by selling 11 million shares in the offering.
And the company was greeted with strong investor reception, closing up 38 percent at $23.51 on Friday. While it’s a good omen for its performance in the stock market, it also means the company could have sold its shares for more than $17 — and raised more money.
But it was exciting for Okta to reach this milestone, with CEO Todd McKinnon saying that they see this moment as a “step on the journey.” McKinnon said that like with many startups, a lot of their employees took lower salaries because they believed their equity compensation would be worth something eventually.
