Cloud software provider Qualtrics’ stock price soared after it went public on the Nasdaq on Thursday. The company’s previous IPO price has exceeded the pricing range.

The stock has a trading code of “XM”, and its opening price is $41.85 per share, an increase of 40%. Qualtrics’ previous IPO price was set at US$30 per share, slightly higher than the target range of US$27 to US$29 per share. The company sold approximately 51.7 million shares in the IPO.

Qualtrics’ closing price was US$45.50, which corresponds to a valuation of US$27.3 billion.

Qualtrics was founded in 2002. The software developed by the company can help companies evaluate how customers use its products and take improvement measures. The company took full advantage of the surge in demand for high-growth cloud software companies during the new crown epidemic.

Qualtrics was originally planned to go public two years ago, but was later acquired by SAP for $8 billion. This also became SAP’s second-largest transaction at the time, second only to the $8.3 billion acquisition of travel and consumer software company Concur in 2014.