C3.Ai shares are expected open Thursday on the New York Stock Exchange up another 2.04% compared with their debut trading day close of $92.49.
The software builder founded by former Oracle executive Tom Siebel saw its shares rise almost 140% at one point during the Wall Street trading premiere of its $651 million initial public offering, Bloomberg reported Thursday.
The California-headquartered company unloaded 15.5 million shares for $42 each after offering them for $36 to $38. C3.ai's shares hit a high of $115.00 Wednesday and a low of $90.03 Wednesday.
The closing price puts the company's market capitalization at almost $9 billion.
Siebel sold his previous company, Siebel Systems, to Oracle for $6 billion almost 15 years ago. He founded C3.ai in 2009.
Based on the regulatory documents, the software provider posted sales of around $157 million for its fiscal year ended April 30 - rising 72% year on year.
According to its chief executive, nine of 10 companies fail when employing an artificial intelligence operating system. And in that failure, he has discovered tremendous money-making potential.
Siebel said C3.ai is looking to pour more money into partnerships and technology in the next few years. The company, he said, was up against others attempting to establish their own artificial intelligence networks.
C3.ai claims to offer artificial intelligence for enterprise and industrial applications, helping to predict foresee network glitches, spot fraud and examine amounts of sensor information and this time blended with more powerful AI capabilities.
C3.ai saw its sales balloon more than 70% to $157 million in the four quarters this year. But its expenses on sales, research and development are increasing. As a result, it shed $70 million in the same period.
"I think this initial public offering is a punctuation point as we try to build one of the world's top software companies," Forbes quoted the 68-year old billionaire saying.
