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Software Firm HashiCorp rises 1% on its first day of trading.

HashiCorp Inc. is set to go public Thursday, after the California-based cloud adoption software company's initial public offering priced overnight well above the expected range. The company raised $1.22 billion as it sold 15.3 million shares in the IPO, which priced at $80 a share, above the expected range of between $68 and $72 a share. The pricing valued the company at about $14.31 billion. The stock is expected to begin trading on the Nasdaq some time after the open under the ticker symbol "HCP."

HashiCorp was founded in 2012 by Mitchell Hashimoto and Armon Dadgar, who met at the University of Washington in Seattle. HashiCorp raised $175 million in a series E financing round last year at a valuation of $5.1 billion, according to a statement.

The company’s software helps businesses run a mix of public and private cloud systems, as well as older applications. It has partnerships with cloud platforms including Amazon.com Inc.’s AWS and Alphabet Inc.’s Google Cloud, its website shows.

Hashimoto and Dadgar emphasize their commitment to their “open-source philosophy” in a letter to investors included in the company’s prospectus.

“The cloud market is already an enormous market that is upending every industry and reshaping the modern tech stack,” they said. “Yet, cloud adoption is still early, and most organizations are only beginning their digital transformation.”

HashiCorp posted a net loss of $62 million on revenue of $224 million for the nine months ended Oct. 31, its filings show. That compares with a net loss of $77 million on revenue of $150 million for the same period a year earlier.

Investors in HashiCorp include affiliates of Mayfield, GGV Capital, and Redpoint Omega, according to the filings.

The offering is being led by Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co.