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Thursday November 11, 11:53 am Eastern Time
SonicWALL IPO jumps 70 percent in market debut
NEW YORK, Nov 11 (Reuters) - Shares of SonicWALL Inc. (NasdaqSC:SNWL - news)
jumped more than 70 percent in its market debut Thursday, raising about $56 million for the
company that provides secure Internet access for small businesses.
Shares of SonicWALL opened at $24 per share, up from its initial public offering price of
$14. In late morning, shares were trading up 11 at 25 on the Nasdaq stock market.
The Santa Clara, Calif.-based company had four million shares of common stock priced at $14 a share -- the top of its
expected pricing range of $12-$14 per share, which was raised Wednesday from $10-$12 a share.
``SonicWALL I think is the sleeper of the week,' said Irv DeGraw, research director at WorldFinanceNet.com.
``I like what they are doing even though they're in a competitive market,' DeGraw said. ``I think they're at the right place at the
right time, and this happens to be a good week. I think they are going to be one of the surprises of the week.'
SonicWALL designs products that secure Internet access for its customers, who are mainly small to medium-sized companies
with fewer than 1,000 employees, according to its filing with the U.S. Securities and Exchange Commission.
The company said its Internet security product provides high-performance, fast Internet access paired with products that
provide firewall security and content filtering.
SonicWALL said it plans to use the net proceeds from the IPO to expand its internal computer systems, working capital and
general corporate purposes, according to its filing.
The underwriters include Bear Stearns & Co. Inc, Hambrecht & Quist and Thomas Weisel Partners LLC. |
