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Why Cloudflare Stock Surged Today

TheMotleyFool

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Why Cloudflare Stock Surged TodayPhoto, wide shot, wide-angle lens, Data analytics provider, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/d1295d04-cceb-4f1c-be2b-32ca46621336.png

Shares of Cloudflare (NYSE: NET) have surged today, up by 23% as of 2:30 p.m. EDT. The cloud and cybersecurity company priced its IPO last night at $15.

At the $15 offering price, Cloudflare fetched a valuation of $4.4 billion, which has climbed even higher on the first day of trading. After underwriting discounts and commissions, the net proceeds to Cloudflare are expected to be approximately $491.1 million after selling 35 million shares, and the deal's underwriters have options to purchase an additional 5.25 million shares.

Image source: Getty Images.

Source Fool.com

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