Jamf Holding Corp. floated on the Nasdaq stock exchange today after raising $468 million in a bigger-than-expected initial public offering that exceeded multiple price targets.

Jamf, which provides software products enterprises use to manage employees’ Apple Inc. devices, had originally planned to put its shares up for grabs at $17 to $19 apiece. It increased the range to between $21 and $23 this week.

Jamf ended up selling 18 million shares for $26 apiece, which not only topped the high end of the revised price range but also saw the company sell 2 million more shares than originally planned. Its underwriters have the option to buy 2.7 million more shares.

They may very well exercise that option, given that Jamf’s stock jumped as much as 96% in its trading debut this morning. Its share price reached $51 at one point, briefly giving the company a valuation of $5.9 billion before settling down to $39.20 per share at the end of the trading session.

Minneapolis-based Jamf’s products are used by about 40,000 organizations to manage and secure workers’ Apple devices. The company claims to be the largest pure-play provider of Apple device management software. It counts the iPhone maker itself among its roughly 40,000 customers along with IBM Corp., SAP SE and other big names. 

Jamf’s earnings paint a familiar picture of a tech firm with rapid revenue growth but no profits. But unlike online car marketplace Vroom Inc. and some of the other players that have hit the stock market recently, Jamf’s losses are narrowing somewhat. The company closed the books on the first quarter with a $8.3 million net loss versus $9 million a year earlier while revenues jumped 37%, to $60.4 million. 

Beyond confidence in Jamf’s continued growth, its successful IPO also reveals investor optimism about Apple Inc.’s enterprise outlook. Macs are continuing to gain traction among businesses despite growing competition from devices such as Microsoft Corp.’s Surface machines. In its IPO filing, Jamf cited a report by an external research firm that estimated Apple’s enterprise revenue grew from about $25 billion in 2015 to more than $40 billion in 2019.

The company sees plenty of room for additional growth looking ahead. In the same filing, Jamf cited an internal poll that found more than 70% of surveyed workers would choose Mac over Windows and iOS over Android if given the choice. The company’s software products provide features for managing both Macs and iOS devices, as well as Apple TVs installed in conference rooms. 

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