Software firm C3.ai skyrockets 174% after $651 million IPO

• Software company C3.ai leaped as much as 174% on Wednesday during its first day of public trading on the New York Stock Exchange.
• The company raised $651 million in its initial public offering on Tuesday, selling shares at $42 each. C3.ai previously expected to price its stock between $36 and $38.
• The post-IPO pop comes as other firms aim to ride strong demand in their own trading debuts. DoorDash rallied as much as 78% on Wednesday as investors bet on the newly public firm.
• Watch C3.ai trade live here.

Software company C3.ai spiked as much as 174% higher on Wednesday in its first day of public trading.

The firm - founded by ex-Oracle executive Tom Siebel - raised $651 million in its initial public offering. The firm sold 15.5 million shares for $42 each, exceeding the previously forecasted range of $36 to $38. Shares traded as high as $115 on Wednesday before paring gains and wavering just below $100.

The $36 to $38 range was already higher than the firm's initial plans to price shares between $31 and $34. C3.ai's post-IPO rally brought its market cap to nearly $10 billion.

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C3.ai focuses on enterprise artificial-intelligence software. The firm posted a $69.4 million net loss in the fiscal year that ended in April, more than double the $33.3 million loss it posted the year prior. Revenue totaled $156.7 million over the period, up year-over-year from $91.6 million. Subscription sales grew 75% from the year-ago period and now account for 86% of the company's revenue.

The firm's debut comes amid overwhelming investor demand for IPOs. DoorDash surged as much as 78% on Wednesday after it too made its trading debut. Airbnb is set to begin trading publicly on Thursday, and IPOs from Wish-parent ContextLogic and Roblox are expected to take place before the end of the month.

C3.ai trades on the New York Stock Exchange under the ticker "AI." The company's IPO was organized by Morgan Stanley, Bank of America, and JPMorgan.

Shares traded at $94.22 at 2:08 p.m. ET.

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