The business software company is gaining investor interest because of its ties to social media.
NEW YORK (TheStreet) -- Shares of Jive Software(:JIVE) shot up 27% to $15.12 Tuesday during the business software company's first day of trading on the Nasdaq as strong investor interest in the social media sector continues.
Jive Software, which offers Facebook-like social networks for businesses, priced shares at $12 a piece in its IPO, which was above its expected range of $8 to $10 a share. Jive raised $161.3 million through the offering.
For the six months ended June 30, the Palo Alto, Calif.-based Jive reported a loss of $30.6 million on revenue of $34 million, which compares to a loss of $13.3 million on revenue of $19.2 million in the same period a year earlier, according to its S-1 filing in late August.
Customers include Brocade(:BRCD), NetApp(:NTAP) and Pearson(:PSO).
Jive is one of 11 IPOs this week as companies look to get out before the market shuts down until January. Other IPOs include social gaming company Zynga and high-end fashion brand Michael Kors.
--Written by Olivia Oran in New York.
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