'Continuous Intelligence' Firm's Stock Closes 22% Higher on First Trading Day

Sumo Logic priced its initial public offering at $22 a share and closed 22.2% higher at $26.88 on its first trading day Thursday. The IPO pricing was a dollar above the high end of Sumo’s estimated $17-$21 range in a Sept. 8 registration statement. Sumo’s "continuous intelligence" software platform “scans an average of 873 petabytes of data per day and an average of 18.6 billion events per second,” said the statement. Its data analytics “provide actionable intelligence around what happened, why it happened, and how to resolve business, technology, or cybersecurity issues,” it said. Its 2,100 customers include Alaska Airlines, JetBlue, Major League Baseball and Netflix, it said.