Fiverr’s (FVRR) stock rose above its initial public offering price after opening for trading Thursday, as investors scooped up shares of the latest gig-economy tech firm to hit the public markets. Shares opened at $26.00 each on the New York Stock Exchange, or 23.8% above pricing at the initial public offering. On Wednesday, the company raised $111 million in an offering of 5.3 million shares at $21.00 apiece. This was above Fiverr’s originally targeted range of between $18 and $20 per share.
The IPO pricing gave the company a valuation of about $650 million, based on shares outstanding as documented in Securities and Exchange Commission filings. The Tel Aviv, Israel-based company serves as an online marketplace connecting businesses with freelances for primarily software services ranging from website design to financial modeling. [Read more: Why freelancing on Fiverr may beat driving for Uber, expert says] As with many of its newly public predecessors this year, Fiverr hit the public markets with red ink on its financials. Fiverr posted a net loss of $8.3 million in the three months ending March 31. However, this was narrower than the $16.3 million loss it posted the year prior.