Stock Of This Company That Rivals Microsoft's GitHub Jumped 35% On Nasdaq Debut Today

On its debut on the Nasdaq, GitLab Inc (NASDAQ: GTLB), a competitor of the Microsoft Corporation’s (NASDAQ: MSFT) GitHub, saw its stock shoot up nearly 35%.

What Happened: The DevOps platform raised 648 million in its initial public offering where it priced 10.4 million Class A shares at $77 per share.

GitLab, which has no headquarters and focuses on open-source software, is headed by Sytse “Sid” Sijbrandij, a web developer from The Netherlands.

Sijbrandij's net worth is now $2.8 billion as he owns an 18% stake in the company and sold nearly 2 million shares in the offering, as per a Bloomberg report.

See Also: ​​How To Buy Microsoft (MSFT) Shares

On Thursday, GitLab shares closed nearly 35% higher at $103.89 in the regular session and gained another 0.6% in the after-hours trading.

On the same day, Microsoft shares closed nearly 2.2% higher at $302.75 in the regular session and rose 0.2% in the after-hours trading.

Why It Matters: GitLab, an independent firm, competes with Atlassian Corporation Plc’s (NASDAQ: TEAM) Bitbucket and GitHub source repository; the latter was purchased by Microsoft in 2018 for $7.5 billion.

In the second quarter, GitLab revenue rose 69% year-on-year to $58.1 million and the firm recorded a net loss of $40.2 million in the latest quarter.
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