Model N Surges In IPO Trading

Redwood City-based Model N, the developer of enterprise software used for pricing strategy, surged in its IPO debut Wednesday, pricing at $15.50 per share, above it initial $12.50 to $14.50 per share estimated range, and surged as high as $22.25 during morning trading. Model N is venture backed by Meritech Capital Partners, Accel Partners, and Accel-KKR. The IPO was run by J.P. Morgan, Deutsche Bank Securities, Stifel, Pacific Crest Securities, Piper Jaffray, and Raymond James.