Thoughtworks valued at over $8.8 billion in market debut as shares jump

(Reuters) -Shares of Thoughtworks Inc, which helps firms digitize their operations, rose nearly 24% in their Nasdaq debut on Wednesday, valuing the company at about $8.84 billion.

The software consultancy company’s stock opened at $26, compared with its initial public offering price of $21.

The company, backed by Germany’s Siemens AG, sold 16.4 million shares in the IPO, raising about $344 million. Other investors, including funds advised by Apax Partners, sold about 20.4 million shares.

Thoughtworks priced the IPO above its targeted price range of $18 to $20.

The 28-year-old firm has clients including Canadian wireless carrier Telus Corp, U.S. supermarket chain Kroger Co and payments company PayPal Holdings Inc.

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