The initial public offering of Rally Software Development rose by 27% in Friday midday trading after the company priced its shares at US$14. The initial pricing made by the cloud based enterprise software maker is above its inital range of between US$11 and US$13 per share.
The total shares offered in the IPO was at 6 million and the price adjustment came from external sources. This was confirmed by Rally's CEO Tim Miller in an interview with IBD after the opening of the share sale. He said, "We had a lot of institutional demand for our offering. Honestly, we left it up to the bankers."
Rally develops agile software or project management software that helps teams perform many different tasks at any given time. Miller adds, "That is the kind of problem we solve. We help those developers and engineering teams manage all of their work, from creating an idea on what to build all the way through getting high quality software out the door. We think of ourselves as a workflow and collaboration company."
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