One of the leading global indirect tax software and solutions provider Vertex (NASDAQ: VERX) starts its IPO from $19 today at 9:32 AM EDT. Right now around 10 million shares are being sold with soaring $23.60.
Many startups go public earlier and end up insolvent sometimes. Vertex runs its business starting from the 1980s when tech companies emerged slowly and investors didn’t trust as quickly as now. Going public today for old brand Vertex is not significant but surprising to investors who observed the company for 40 years.
If Vertex’s earnings increase exponentially the stock VERX may surge further as long term investors might buy its shares in bulks. In case next quarter results show declining earnings VERX will become cheap or penny stock that will be attractive to gambling traders.