New York (CNN Business)Some of the most high profile IPOs in recent weeks have failed to deliver. But cybersecurity company CrowdStrike is getting Wall Street excited again.
CrowdStrike (CRWD) rallied more than 70% on its first day as a publicly traded company, closing at $58 per share after pricing the IPO at $34 on Thursday.
The company, which provides endpoint protection to stop data breaches, was already building momentum going into the day. Its $34 IPO price was well above its intended range of $28-30.
CrowdStrike's success stands in contrast to other companies that have had weaker outings in the market. Ridesharing rivals Uber (UBER) and Lyft (LYFT), for example, struggled after their debuts. Uber is trading slightly below its IPO price, though is still up a little more than 2% since its first day of trading. Lyft is down nearly 26% since its public offering, according to Refinitiv.
Companies like CrowdStrike, which provide services for business clients, have been doing better than companies like Uber and Lyft, which are more focused on the average consumer.
CrowdStrike's customers include the likes of Amazon Web Services, Tribune Media and Credit Suisse, but the "government also represents a great opportunity for us," said co-founder and CEO George Kurtz in an interview with CNN International on Wednesday.
The video conferencing company Zoom (ZM) and the cloud computing business PagerDuty (PD), for example, have climbed double digits since their public debuts in April.
CrowdStrike was valued at about $3 billion last year, following a $200 million funding round.
Meanwhile, the company's sales are climbing while its losses are falling. CrowdStrike estimated that it made roughly $95 million in revenue for its first quarter of 2019 — double compared to the same period a year earlier, according to its IPO paperwork. It also estimated about $26 million in losses, less than the $33 million it reported a year prior.
Going forward, CrowdStrike wants to focus on expanding its geographic reach further, Kurtz said.
There are some uncertainties, though. CrowdStrike cited its limited operating history as a risk factor in its paperwork. The company said that will make it difficult for investors to evaluate its business prospects. The company was formed in 2011.
