Sumo Logic (SUMO), which is riding a strong wave of tech initial public offerings (IPOs) in the wake of Snowflake's splashy arrival, is slated to make its stock market debut on Thursday. This follows the company's IPO, which was priced at $22 per share. Encouragingly for the company's current and future shareholders, this was above the originally anticipated price range of $17 to $21.

Sumo Logic is a developer of real-time data analytics software. It describes its foundational Continuous Intelligence Platform as "a new category of software" that "enables organizations to automate the collection, ingestion, and analysis of application, infrastructure, security, and IoT data to derive actionable insights within seconds."

The letters I,P, and O on wooden blocks

Image source: Getty Images.

All told, the company is selling 14.8 million shares of its common stock. At the IPO price, this results in gross proceeds of nearly $326 million. 

In the rather vague language typical of IPO filings, Sumo Logic says that it will utilize the funds from the issue to "increase our capitalization and financial flexibility, create a public market for our common stock, and enable access to the public equity markets for us and our stockholders."

The company's revenue has grown rapidly. In the six months ended July 31, it booked $96.6 million in revenue -- a nearly 38% increase year-over-year. On the bottom line, Sumo Logic is loss-making (its 2020 six-month net loss deepened to $35.8 million, from the year-ago $29 million). However, such deficits are standard for young tech companies still vying for market share, to the point where investors usually expect them.