Upland Software Gets Lackluster IPO Reception

Austin-based Upland Software, the developer of cloud-based, enterprise workforce management software, fell flat in its IPO on Thursday, closing down well below its IPO opening price. Upland Software priced its IPO at $11.00 per share on Wednesday evening, but then dropped in trading on Thursday almost 19 percent, to $9.75 per share. The company priced below its initial estimate IPO range of $12.00 to $14.00 per share. It's unclear why the company received such a lackluster reception on Wall Street. The offering raised $46.0M for the company. The company is now listed as UPLD on the New York Stock Exchange.