Tech ETFs Down But Alvara IPO Up

The technology sector may be down today as a whole following the news of U.S. President Donald Trump imposing tariffs on China, but one IPO is up–Avalara, a Seattle-based company that sells tax automation software, opened at $35 a share despite an initial offer price of $24.

The Avalara IPO successfully marks another cloud software IPO within the technology sector after Zuora and Ceridian both rocketed 40 percent when those IPOs were introduced in April. In addition, Dropbox, a cloud storage provider, debuted their IPO in March, which has jumped 70 percent since then.

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