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 and Boston Scientific, while in the high-tech category its clientele includes Nokia and Dell.