Packeteer <PKTR.O> IPO shrs up 9-1/4 AT 24-1/4
NEW YORK, July 28 (Reuters) - Shares of newly public
software provider Packeteer Inc. <PKTR.O> shot up more than 61
percent from its pricing upon opening Wednesday.
The Cupertino, Calif.,-based company priced 4 million
shares at $15 through lead underwriter Banc Boston Robertson
Stephens. The expected price range was raised from $10 to $12
per share to $12 to $14 each.
Shares of Packeteer were trading up at 30-3/8 in early
afternoon activity, and touched a high of 32, up 113 percent
from the pricing.
Packeteer provides network software products that enhance
application performance over wide area networks and the
Internet.
An enterprise wide area network, known as WAN, is a
computer communications network that extends beyond one
location.
Net proceeds from the offering will be used for general
corporate purposes, including working capital, repayment of
debt and potential acquisitions, Packeteer said.
(( -- Angela Moore, New York Newsdesk, (212) 859-1719))
REUTERS
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