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NEW YORK — Shares of SciQuest Inc. soared on the business software maker's first day of trading after its initial public offering.
Shares of SciQuest Inc., a fast-growing company that makes software for businesses to order supplies, jumped $2.77, or 29 percent, to $12.27 Friday.
The Cary, N.C., company was founded in 1995 and had already gone public once, in 1999. It was taken private in 2004 by two venture capital firms.
It has grown steadily since. Last year, its revenue topped $36 million and turned a profit after four years of losses.
SciQuest said it plans to use the proceeds from the IPO to buy back preferred shares, and for general purposes. Its IPO priced at $9.50, the low end of its expected range.
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