Shrugging off this week’s tech stock plunge, business planning provider Anaplan Inc. started off its first day of trading on the right foot this morning, rising 43 percent above its initial public offering price by the end of the trading day.

The tech industry’s newest publicly traded firm raised $263.5 million in its late Thursday IPO at a price of $17 per share. That represented the top end of the range the company had set, a signal of the strong interest from Wall Street. They ended up closing at $24.30 a share.

Anaplan sells a cloud platform that helps enterprises make complex decisions such as how to execute a cost reduction initiative or whether to modify a marketing campaign. At the heart of the offering is a technology called Hyperblock, which the company describes as an in-memory modeling engine. It can factor everything from high-level strategic details to individual product prices into a plan.

Sitting on top of Hyperblock is a visual interface that lets business users create plans without help from the information technology department. According to Anaplan, the offering is used by nearly 1,000 customers including familiar names from the tech industry such as VMware Inc., HP Inc. and Pandora Media Inc. to list a few.

Anaplan grew revenues 40 percent in the first half of 2018 from the same period a year ago, to $109.4 million. For 2017, the company reported 69 percent growth, lifting annual sales to $120.5 million.

Anaplan is burning through a lot of capital to sustain this momentum. The company lost $47.6 million last year and $47.2 million in the first half of 2018, a substantial increase. And trend is expected to continue, with Anaplan writing in its IPO filing that “we have a history of net losses, we anticipate increasing our operating expenses in the future, and we do not expect to be profitable for the foreseeable future.”

Yet the company’s strong trading debut shows that Wall Street still has a flexible attitude toward losses when it comes to fast-growing tech firms, even when there’s volatility in the markets. Wednesday marked the worst day for tech stocks since April 2011, with the Nasdaq Composite Index briefly falling to a level low enough to be considered a correction. Wall Street regained some of the losses this morning thanks to a jump in tech and bank shares.

It appears that the past few days’ turbulence has nevertheless taken its toll. Citing anonymous sources, Reuters earlier today reported that Tencent Holdings Ltd.’s music division has pushed back its planned IPO until at least November to wait out the volatility.

More stock selloffs could could potentially slow down a tech IPO run that saw numerous high-profile exits in recent quarters. Dropbox Inc., Eventbrite Inc. and Spotify Technologies AB are among the companies that have gone public this year. Like Anaplan, all three are currently unprofitable.

Photo: New York Stock Exchange