Investors cheered as Alkami Technology Inc.
ALKT,
+61.47%
went public Wednesday, as the digital banking company’s stock opened 3.7% above its initial public offering price of $30 a share. The stock’s first trade on the Nasdaq was at $41.26 at 11:24 a.m. Eastern for 565,569 shares. The stock added to its gains since the open, to trade up 55.2% at $46.57, to imply a market capitalization of $3.87 billion. The company went public at a time of tempered investor demand for IPOs, as the Renaissance IPO ETF
IPO,
-0.67%
has shed 5.8% over the past three months while the S&P 500
SPX,
+0.02%
has gained 9.2%.
