Data analytics firm Domo initially spiked as much as 16 percent, and then pared some of that gain in its debut trade Friday.

Shares opened at $23.80 and rose as high as $24.40 after pricing Thursday night at $21. The stock fell to $22 within the first half hour of trading.

The Utah-based company sold just over 9 million shares, raising $193 million in the offering. The stock trades on the Nasdaq under the ticker symbol “DOMO.”

Domo, once valued above $1 billion, is now worth less than $600 million after the public debut. That’s based on an outstanding share count of 24,953,806 shares, reflecting a 15-to-1 reverse stock split that happened on June 15.

The company sells data analytics software and competes against heavyweights like IBM, Microsoft and Oracle. It’s burning cash, according to SEC filings — the company posted negative cash flow of $148.7 million for the year ended in January and has only $71.9 million of cash on hand.

Domo’s IPO follows standout tech public offerings earlier this year like Dropbox, DocuSign, Zuora and Spotify.

—CNBC’s Jordan Novet contributed to this report.

Source: Tech CNBC
Domo spikes, then pares gains in stock's opening day