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Benefitfocus shares rise 62 pct in debut – Reuters

(Reuters) – Software maker Benefitfocus Inc’s shares rose as much as 62 percent, valuing the company at about $1.04 billion in its debut as investors continued to show confidence in cloud-based service providers.

The company, backed by Goldman Sachs Group Inc and private equity firm Oak Investment Partners LP, priced its initial public offering of 4.9 million shares at $26.50 per share, raising about $130 million.

It had previously planned to offer 4.5 million shares at $21.50-$24.50 apiece.