Coupa Software’s mission hinges on the thesis that companies are willing to spend money to save money. That argument went over well with investors on Thursday during the cloud software company’s Nasdaq debut.
The company’s shares reached a high of more than $41 during its first day of trading—more than double the $18 initial public offering price it commanded Wednesday evening. Its shares closed at $33.28, earning it a market capitalization of $1.66 billion and assuaging fears that the San Mateo, Calif.-based business would fail to justify the “unicorn” valuation of more than $1 billion it commanded after an $80 million venture round in June 2015.
