Software company Anaplan debuted on the US stock market on Friday, quickly climbing to a market capitalisation of almost NZ$4.6 billion (US$3 billion).
The business, originally founded by Kiwi Guy Haddleton and entrepreneur Michael Gold, offers cloud-based business planning and performance management services.
Haddleton recently led a $15m investment found in Helius Therapeutics.
To follow is an excerpt from a recent story in the New Zealand Herald.
You can view the original article here.
The first day of trading saw the company's shares jump 43 per cent to $24.30 by the end of the first day of trading.
According to a report in CNBC, the company raised US$263.5 million from its initial public offering, starting with a share price of $17 a piece.
Anaplan listed on the sharemarket at a time when tech stocks were taking a massive hammering on the sharemarket.
Last week, the Dow Jones lost 1300 points in two days, with the big tech stocks taking the brunt of the blow. CEO Frank Calderoni told CNBC that the company did not consider delaying the listing despite the market plunge.
This turned out to be a smart move, given that the market rebounded on Friday, climbing 2.3 per cent after two tough days.
Anaplan was founded by Haddleton and Gold in the UK in 2006. After several years developing the product and getting it ready for the market, it was finally launched to the public in 2010.
In the years that followed, the business attracted a steady stream of investment and by 2016 developed into a tech unicorn (a business with a valuation of over US$1 billion).
This is not the first business Haddleton has been involved with.
A member of New Zealand's illustrious Rich List, Haddleton previously founded and sold business planning software Adaytum to IBM Cognos in 2003 for US$160 million.
He then went on to become one of the early investors in Xero, before starting Anaplan.
More recently, Haddleton invested $15 million in New Zealand medicinal cannabis startup Helius Therapeutics, allowing the business to move into a sprawling building in East Tamaki.
At the time of announcing the investment, Haddleton told the Herald that he saw massive potential in the company to capitalise on what will become a major future industry.
"Helius Therapeutics has all the features we seek in a high-potential investment," he said.