Q2 surges 31 percent in its first day of trading

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Associated Press

Posted on March 20, 2014 at 10:00 AM

Updated Thursday, Mar 20 at 10:02 AM

NEW YORK (AP) — Q2 Holdings' stock surged 31 percent Thursday morning, in the company's first day of trading on the New York Stock Exchange.

Q2 Holdings Inc., a provider of online banking software based in Austin, Texas, raised $101 million in its initial public offering, selling 7.8 million shares at $13 each, the top of an expected range of $11 to $13.

Trading under the ticker QTWO, shares surged $4 to $17 in early trading.

J.P. Morgan Securities and Stifel, Nicolaus & Co. are the lead banks in the offering.

In a regulatory filing, the company says it received roughly $76 million from the IPO, while existing investors received $18 million after expenses. Q2 plans to use some of the money to pay down debt, finance its growth and for other purposes.

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