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’ stock opened at $42 on its first day of trading, nearly 56 percent above its initial public offering price.

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The company priced its shares at $27 apiece on Thursday, raising $405 million through its IPO. Duck Creek Technologies had initially set a price range of between $19 and $21 before bumping it up to between $23 and $25. 

The 20-year-old company, which makes software for the property and casualty insurance industry, had raised $357 million in total funding as a private company. Private-equity firm acquired the majority stake in the company back in 2016.

Boston-based Duck Creek Technologies is among a growing number of venture-backed companies to go public this year after the COVID-19 pandemic effectively paused the tech IPO market. Like other companies, it seems to be well-received by public market investors, with its stock surging well above its IPO price on its first day of trading.

More later today when the market closes.

Illustration: Li-Anne Dias