IPO Recap: SaaS fintech Clearwater Analytics soared in debut

At the close on the last trading day, the NASDAQ Composite index dropped 0.03%. The Dow Jones Industrial Average rose 0.10%, and the S&P 500 index climbed 0.15%.

On Friday, there was one traditional IPO filed and two new stocks officially listed for trading. SaaS fintech company Clearwater Analytics and Covid-19 tests provider Cue health rose in their trading debut.

Paragon 28, founded in 2010, is a medical device company exclusively focused on the foot and ankle orthopedic market.

It provides a comprehensive portfolio of solutions that includes surgical implants and disposables, as well as surgical instrumentation. The company's suite of surgical solutions comprises 72 product systems, including approximately 8,700 SKUs to help fit the specific needs of each patient and procedure.

It designs each products with the goal of improving outcomes, reducing ailment recurrence and complication rates, and making the procedures simpler, consistent and reproducible.

Clearwater reports on over $5.2 trillion in investment assets. Notable clients include Mutual of Omaha, Arch Capital Group, Wilton Re., J.P. Morgan Asset Management, Facebook, Cisco, and Oracle.

Clearwater Analytics was named Technology Firm of the Year at the Insurance Asset Management Awards and Best Software Solution at the UK & European Captive Review Awards in 2019.

It built a modern digital identity platform, with a differentiated SaaS architecture and identity object modeling approach that empowers enterprises to secure, manage, and govern the identities. The Company's proprietary approach to customer tenant isolation in its multi-tenant SaaS environment is designed to enhance data security and sovereignty as well as improve performance.

As of Sep 26th, it has a market cap of 3.68 billion, with the listed to date gain of 85.48%.