Wednesday, December 19, 2007

NetSuite IPO

"The long-awaited stock offering of software company NetSuite Inc. appeared hotter than ever before its debut on the New York Stock Exchange today.

Yesterday, the initial public offering of 6.2 million shares of NetSuite -- a company backed by Oracle Corp. Chief Executive Larry Ellison -- priced at $26 a share, above the expected per-share price range of $19 to $22, which itself was $6 higher than the original range.


Although the above-range price indicates high demand for NetSuite's offering, as this year's IPO market comes to a close, it also gave some observers pause.

Scott Sweet, managing director of IPOBoutique.com, an IPO-research service in Tampa, Fla., dropped his rating on the company to "moderate buy" from "strong buy," saying the auction format on the deal was causing investors to post artificially high bids for the stock in the hope of getting shares; while that would generate the highest price possible for the company, it wouldn't benefit new shareholders, he said.
"

1 comment:

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