On-demand software vendor NetSuite has doubled the price on its IPO after a Dutch-auction-style bidding war over the past two days saw investor interest surge. After originally pricing the offering at $13-$16, NetSuite bumped it to $16-$19 Tuesday and then $19-$22 yesterday. Late last night the company set a target at $26 for today’s sale, MarketWatch reports.
NetSuite, backed by Oracle CEO Larry Ellison, who own 61% or the company, plans to sell 6.2 million shares of common stock, raising an estimated $161.2 million when it opens today under the symbol “N” on the NYSE. Analysts generally are positive on the company’s outlook but say “overzealous” investors may have driven the price higher than it should be.