Model N Stock Surges on IPO

Shares of software provider Model N (NYSE: MODN  ) made a strong debut in their IPO on Tuesday. The company's stock hit the market at $15.50 per share and closed the day at just under $20, for a gain of almost 30%.

Model N's founder and CEO, Zack Rinat, rang the exchange's opening bell to start the day's trading.

The California-based company specializes in revenue management software for the pharmaceutical/medical, biotech, and high-tech industries. In the former sphere, its customers include Merck (NYSE: MRK  ) and Boston Scientific, while in the high-tech category its clientele includes Nokia (NYSE: NOK  ) and Dell.


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