Texas bank tech company surges on NYSEMarch 20, 2014
NEW YORK (AP) — Q2 Holdings' stock surged 31 percent Thursday morning, in the company's first day of trading on the New York Stock Exchange.
Q2 Holdings Inc., a provider of online banking software based in Austin, raised $101 million in its initial public offering, selling 7.8 million shares at $13 each, the top of an expected range of $11 to $13. At close of Thursday, the stock was at $15.17.
Trading under the ticker QTWO, shares surged $4 to $17 in early trading.
J.P. Morgan Securities and Stifel, Nicolaus & Co. are the lead banks in the offering.
In a regulatory filing, the company says it received roughly $76 million from the IPO, while existing investors received $18 million after expenses. Q2 plans to use some of the money to pay down debt, finance its growth and for other purposes.