Palo Alto Networks IPO Jumps in Debut (Update 1)
By Chris Ciaccia - 07/20/12 - 10:01 AM EDT
Updated from 10:01 a.m. EST to provide updated share price and volume in the fifth paragraph.
NEW YORK (TheStreet
) -- Palo Alto Networks
shares soared in their debut Friday, as investors clamored for a piece of the networking security specialist.
Palo Alto Networks priced
its IPO at $42 a share Thursday night. That was above the expected range of $38 to $40 a share, which had been raised earlier in the week as investors sought to get a piece of the fast-growing technology company.
|Palo Alto grew annual revenue from $13.4 million in 2009 to $118.6 million in 2011.
and Juniper Networks
rival and its venture investors sold 6.2 million shares in the offering, according to its filing.
, Goldman Sachs
were the lead underwriters on the offering.
Palto Alto shares closed the session gaining 27.38% to close at $53.13, as close to 7 million shares traded.
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--Written by Chris Ciaccia in New York
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