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Friday, September 25, 2020
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Banking Texas bank tech company surges on NYSE

Texas bank tech company surges on NYSE

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Associated Press

NEW YORK (AP) — Q2 Holdings’ stock surged 31 percent Thursday morning, in the company’s first day of trading on the New York Stock Exchange.

Q2 Holdings Inc., a provider of online banking software based in Austin, raised $101 million in its initial public offering, selling 7.8 million shares at $13 each, the top of an expected range of $11 to $13. At close of Thursday, the stock was at $15.17. 

Trading under the ticker QTWO, shares surged $4 to $17 in early trading.

J.P. Morgan Securities and Stifel, Nicolaus & Co. are the lead banks in the offering.

In a regulatory filing, the company says it received roughly $76 million from the IPO, while existing investors received $18 million after expenses. Q2 plans to use some of the money to pay down debt, finance its growth and for other purposes.  

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