Siebel-Led C3.ai More Than Doubles After $651 Million IPO (1)

C3.ai Inc., the software maker founded by former Oracle Corp. executive Tom Siebel, rose 120% in its trading debut from the price in its $651 million initial public offering.

The shares closed Wednesday at $92.49 in New York, giving the company a market value of about $8.9 billion.

The Redwood City, California-based company sold 15.5 million shares Tuesday for $42 apiece after marketing them for $36 to $38.

In the next few years, the company plans to invest in market share, growth, partnerships and technology,” Siebel said in an interview. He said C3.ai is competing against companies that ...