MobileIron soared during its first day of trading, raising about $100 million in a much-awaited initial public offering.
Shares of the Mountain View company soared about 18 percent during the morning hours, reaching close to $11. MobileIron, which is trading on the NASDAQ under the ticker symbol MOBL, had priced its 11.1 million shares at $9 each, according to financial filings.
MobileIron, which makes software for businesses to manage mobile data and provide security for mobile applications, a growing demand among companies as employees bring their own smartphones and tablets into the workplace. Much like the rising cloud software star Box, MobileIron had delayed its IPO after the NASDAQ slumped in April and tech companies saw their shares fall. There were no IPOs for the last two weeks of April, and just seven during the first half of May, according to firm William Blair. Tech stocks have since rebounded, and Zendesk help recharge the IPO market with a strong trading debut in May.
MobileIron isn’t profitable despite growing revenues — last year posted $106 million in revenue, a 158 percent increase over 2012. This year, however, it isn’t looking so hot — while its total revenue is up less than $3 million from the first quarter last year, its losses are up to almost $14 million for the first quarter, compared to $3 million for the same time last year.