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| Friday, October 13, 2006 |
Shares of Acme Packet Inc. (APKT), which makes computer networking equipment, rose as much as 70 percent in their market debut on Friday, the day after they priced above a forecast range.
The stock was up $5.51, or 58 percent, at $15.01 in morning Nasdaq trade after rising as high as $16.19 earlier in the session. It opened at $14.
The 11.47-million-share offering raised $109 million on Thursday after pricing at $9.50 a share, compared with an $8 to $9 forecast.
The range was upgraded earlier Thursday from an initial $6.50 to $7.50 per share forecast.
The pricing gave the company a market capitalization of $538.7 million.
In September, shares of computer networking company Riverbed Technology Inc. rose 57 percent in its market debut after pricing above a forecast range. That stock was down 39 cents, or 2.1 percent, at $18.45 on Friday -- but still about 90 percent above the offering price.
Acme Packet creates products to deliver secure communications across Internet network borders, according to the filing with the U.S. Securities and Exchange Commission.
The Burlington, Massachusetts-based company plans to use net proceeds from the offering for working capital and other general corporate purposes, which may include financing growth, developing new products, capital expenditures, acquisitions and investments, according to an amended filing with the SEC.
Goldman Sachs & Co., Credit Suisse, JPMorgan and ThinkEquity Partners LLC are underwriting the IPO. |
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