Employees at Model N in Redwood City cheer as their company is traded on the New York Stock Exchange, March 20, 2013.
With the stock market climbing like there's no tomorrow, it's nice to see investors taking a bet on the future with another red-hot IPO popping from Silicon Valley.
Model N is based in Redwood City. It's a software company that specializes in helping companies in the life science field (think Amgen) manage their money. Anything helping to smooth out the science and healthcare field looks to be a winner these days, and Model N is looking good.
Shares popped out of the gate on Wednesday morning; the stock price (MODN) is up by close to 35 percent as it trades on the New York Stock Exchange. The stock opened at $20.40 and moved as high as $22.25 in the first hour of trading on Wall Street.
Speaking by phone from New York, CEO Zack Rinat told NBC Bay Area that this just shows how fast the health care industry is growing. "We feel well positioned," he said.
Employees at the Peninsula office watched the trading numbers rise remotely, watching on a huge flat screen TV, and popping open bottles of champagne and red-and-blue balloons.
Like other companies likely to IPO fairly soon (think Box and Dropbox), Model N is careful to point out that it's products can be deployed in the cloud, as well as on the spot.
We'll continue to follow Model N today, and let you know what it was like at company headquarters when the stock started trading.
Scott can be found on Twitter: @scottbudman