Coupa, software that manages spending for businesses, held its initial public offering this morning, opening at $35 per share. During the course of the morning, shares rose as high as $39.50 per share. The company was expected to debut at $18 per share.
In its S-1 filing, Coupa noted that it has recurring loses and does not anticipate being profitable in the near future. That did not deter investors, who may be eager to get in on tech IPOs in general. “Right now, public investors are very thirsty for a return,” managing partner at GGV Capital Glenn Solomon said in an interview with Business Insider. “If they think they can get it on IPOs you’ll see demand surge for IPOs.”