Sovereign Cloud (ASX:SOV) share price jumps 50% on IPO debut

Sovereign Cloud Holdings Ltd (ASX: SOV) shares have started off on the right foot following their ASX debut today. The cybersecurity provider listed its shares as part of an initial public offering (IPO) at a price of 75 cents per share. Just moments after floating however, the company’s shares had risen by more than 50%.

At the time of writing, the Sovereign Cloud share price is trading at $1.11, representing an overall gain of 48% so far today.

More about the Sovereign Cloud IPO

Sovereign Cloud has today floated 26.67 million shares at the price of 75 cents per share, raising gross proceeds of $20 million.

The company’s trading name, AUCloud, is a sovereign Infrastructure-as-a-Service (IaaS) provider, targeting cloud-based…