(Reuters) - Shares of Five9 Inc, a cloud-based software provider for call centers, rose about 18 percent in its market debut, valuing the company at about $380 million.
Five9, which competes with Cisco Systems Inc and Avaya Inc, raised as much as $70 million after its initial public offering of 10 million shares was priced at $7 per share, much below its expected price range of $9-$11.
Five9’s shares opened at $7.95 and touched a high of $8.25.
J.P. Morgan, Barclays and BofA Merrill Lynch were the lead underwriters to the offering.
Reporting by Avik Das in Bangalore