**OT** Nasdaq devours another Indian-American venture
By Richard Springer
OAKLAND: The IPO of Versata Inc, co-founded by Indian-American Naren Bakshi, was hugely successful as the stock soared on Nasdaq (from 68-3/4 to 92-3/4), increasing the net worth of some 60 Indian investors in the US and India by at least $1 million each.
The stock was the second biggest gainer on Nasdaq and the second best IPO for the week, beating the rise of 3Com's much-heralded Palm IPO by 287 per cent to 150 per cent.
The stock backed off 21-1/2 on March 5 to 71-1/4, but even at that price the minimum investment of $25,000 made by some Indian investors in the San Francisco Bay Area, Chicago, Cleveland, Philadelphia, New Jersey and in India was still worth over $1 million, Bakshi told the California newspaper India-West . About 176 employees also became instant millionaires, he said.
timesofindia.com |
