Artificial intelligence software developer C3.ai (NYSE: AI) netted $651M from an initial public offering Wednesday and its shares rose 120.2 percent by the end of first trading day, Investor’s Business Daily reported Thursday.
The Redwood City, California-based company initially set a $31-$34 price range for 15.5M shares of common stock and increased the price to $42 late Tuesday.
C3.ai shares closed at 130 Thursday, the report noted.
The software provider offers an enterprise AI suite designed for various applications such as predictive maintenance, sensor networks, fraud detection, supply chain security, customer engagement and energy management.
The Department of Defense awarded C3.ai a five-year contract in January to supply the U.S. military with predictive maintenance software applications.