Shares of the tax-management software maker were up $13.80 to $37.80 at midday Friday in New York.
The stock of Seattle-based Avalara surged 87 percent in its first day of trading Friday.
Shares of the tax-management software maker closed up $20.94 at $44.94. Avalara stock was priced at $24 Thursday, raising $180 million through the initial public offering of 7.5 million shares.
The IPO price was above the expected range of $21 to $23, which had been boosted from a previous range of $19 to $21.
Avalar’s strong market debut follows the lead of other newly listed technology companies. This year’s IPOs by technology companies have risen an average 90 percent, weighted by offering size, according to data compiled by Bloomberg. That figure has grown from 77 percent as of Thursday and 66 percent on June 11. All other new listings have risen an average of 13 percent.
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Avalara provides cloud-based services that enable e-commerce companies to navigate the thousands of separate local and national taxing jurisdictions in the U.S. and elsewhere. The company has had an aggressive acquisition strategy, buying at least 15 companies since it was founded in 2004.
Shares of the company trade on the New York Stock Exchange under the symbol AVLR.