Sumo Logic Inc (NASDAQ:SUMO) priced its initial public offering above indicted range on Wednesday.

What Happened: The cloud-based data analytics company disclosed that it plans to issue 14.8 million shares at an offer price of $22 per share. The common stock will trade under the symbol "SUMO" on the Nasdaq Stock Market starting Thursday.

Estimates suggest that the IPO would generate $325.6 million net proceeds, before adjusting for underwriting discounts, commissions, and other offering expenses accrued and payable by Sumo Logic. The offering is expected to close on Sept 21.

The company had previously indicated an IPO price range of $17 to $21 per share.

The underwriters will have a 30-day option to buy an additional 2.22 million shares.

Why Does It Matter: This would be the third tech IPO in the week after JFrog Ltd (NASDAQ:FROG) and Snowflake Inc (NYSE:SNOW), both of which were well received by investors.

On Wednesday, Snowflake raised $3.4 billion in its IPO at $120 per share, and ended Wednesday’s trading session at $253.93, 111.61% higher. JFrog’s IPO price was $44, but it closed with a 47.25% uptick at $64.79.