(Reuters) – Shares of Bill.com Holdings Inc (BILL.N) soared about 69% in their market debut on Thursday, giving the back-office automation software company a valuation of $2.64 billion. 

The company’s shares opened at $37.25, compared with its IPO price of $22. 

Bill.com’s initial public offering of 9.8 million shares raised about $216 million. 

Founded in 2006, the Palo Alto-based company offers cloud-based software that enables small and midsize businesses to automate back-office financial operations, including paying bills and receiving payments.

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