Anaplan Soars in Software Trading Debut as Others Step Back

(Bloomberg) -- Business-planning software company Anaplan Inc. soared in its U.S. trading debut, the second such successful listing in a week while some in other segments stepped back from their plans to go public.

Anaplan, which hired Tesla Inc.’s former chief accounting officer days before announcing its IPO plans in September, sold 15.5 million shares Thursday at the top of its $15 to $17 targeted range to raise $263.5 million. The San Francisco-based company rose as much as 45 percent Friday and closed up 43 percent to $24.30 in New York trading, giving it a market value of almost $3 billion.

That followed Elastic NV’s first-day surge after its $252 million U.S. IPO. The Dutch search and data software supplier, which priced its shares above the targeted range at $36, almost doubled to close at $70 in its Oct. 6. debut. The shares have eased back since then to $62.68, giving the company a market value $4.4 billion.

The international market rout that rattled investors this week discouraged some companies with listing plans. Vehicle fleet operator LeasePlan Corp NV fell Thursday, citing market conditions for its decision to abandon an IPO that could have valued it at as much as 7.4 billion euros ($8.1 billion). Hours later, Portugal’s Sonae SGPS SA said it wouldn’t carry out the listing of its retail unit, Sonae MC, “due to current adverse conditions in international markets.”

Facing the Music

Tencent Music Entertainment Group, the online-music arm of China’s largest social-media company that was aiming to sell shares in the U.S., also paused its IPO, a person with knowledge of the matter said.

Livent Corp., a Philadelphia-based lithium chemicals maker, priced its shares Wednesday at $17 below its targeted range in its $340 million listing, only to see the price drop to $16.25 on Friday.

SoftBank Group Corp.. meanwhile, is moving ahead with its plans for listing its Japanese wireless business in what is expected to be a record offering of about 3 trillion yen ($27 billion). SoftBank has picked banks including Nomura Holdings Inc., Goldman Sachs Group Inc. and Deutsche Bank AG as lead underwriters, people familiar with the matter said.

The mobile operator currently plans to start marketing the sale next month and list the shares on the Tokyo Stock Exchange on Dec. 19, although the timing could change, the people said.

Anaplan competes against companies such as Oracle Corp. and SAP AG, as well as Adaptive Insights Inc. That company was acquired this year by Workday Inc. within days of its own expected IPO. Chief Financial Officer Dave Morton was hired last month after his headline-generating exit from Tesla, the latest in a chain of departures from the electric-car maker.

The company had a net loss of $47 million in six months ended July 31, on total revenue of $109 million, according a filing with the U.S. Securities and Exchange Commission. In the year-ended Jan. 31, the company saw a net loss of $48 million on revenue of $168 million.

Goldman Sachs Group Inc. and Morgan Stanley led the offering. The stock trades on the New York Stock Exchange under the symbol PLAN.

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