BlackLine Shares Riding High Since IPO

Shares of BlackLine Inc. jumped nearly 30 percent during the first three days of trading as a public company. The Woodland Hills software firm priced its shares at $17 on the first day of trading on Friday, with the price leaping as high as $24 and valuing its offering of nearly 9.9 million shares at more than $160 million. At that price, the entire company’s valuation would be north of $1 billion. The initial sale range for the shares was $13 to $15 which was later amended to $15 to $17. BlackLine Chief Executive Therese Tucker rang the opening bell at the Nasdaq on the company’s first day of trading. It lists under the ticker symbol BL on the Nasdaq Global Select Market. Tucker founded BlackLine in 2001. The company develops software that automates the processes of closing out financial books and reconciling accounts to make sure the money coming in matches the money being spent. Its existing customers include Dow Chemical Co., Coca-Cola Co. and Air Medical Group Holdings. Shares closed Tuesday down 26 cents, or just more than 1 percent, to $22.49 on the Nasdaq.