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Shares of cloud-based software firm Five9 rise about 18 percent in debut

Reuters

(Reuters) - Shares of Five9 Inc, a cloud-based software provider for call centers, rose about 18 percent in its market debut, valuing the company at about $380 million.

Five9, which competes with Cisco Systems Inc and Avaya Inc, raised as much as $70 million after its initial public offering of 10 million shares was priced at $7 per share, much below its expected price range of $9-$11.

Five9's shares opened at $7.95 and touched a high of $8.25.

J.P. Morgan, Barclays and BofA Merrill Lynch were the lead underwriters to the offering.

(Reporting by Avik Das in Bangalore)