MuleSoft shares spike 45% to $24.75 on first day of trading, worth $3 billion

MuleSoft mules

MuleSoft, the second major tech IPO of the year following Snap, finished the day at about $24.75 per share and worth more than $3 billion.

The enterprise software company landed on the New York Stock Exchange this morning under the glorious stock symbol “MULE.” It had priced its stock at $17 per share last night, raising $221 million at a $2.14 billion valuation.

MuleSoft lacks the celebrity of Snapchat, but the company works with big-name clients like Coca Cola, AT&T, and Target to help connect data from cloud applications like Salesforce to HipChat and Workday. If MuleSoft maintains the momentum it saw today, it could lead other enterprise software companies, like Cloudera and Okta, to go public more quickly.

MuleSoft was up 45 percent from its IPO price by the end of the day — less than Snap, which closed up 44 percent on day one.

Correction 1:22 p.m. PT: MuleSoft closed at $24.75 not $23.80.

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