(AP) - ServiceNow Inc.'s shares jumped 30 percent in its market debut.
The San Diego-based company priced its offering of nearly 11.7 million shares at $18 each late Thursday. That's above the expected range of $15 to $17. Its stock price increased to $23.40 within the first hour of trading Friday.
ServiceNow provides cloud-based applications to automate companies' technology operations. Services and software based in "the cloud," are accessed over an Internet connection rather than stored in-house.
The company raised $162 million in its sale of 9 million shares and shareholders raised $47.7 million for the sale of the remaining shares.
ServiceNow's stock is listed on the New York Stock Exchange under the symbol "NOW".
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