(Newser)
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Online software provider NetSuite reminded Wall Street of the good old days yesterday as the year’s final IPO scored a 36.5% increase over its opening price, reaching $35.50 by the NYSE closing bell, reports the Wall Street Journal. The company, backed by Oracle CEO Larry Ellison, in the last week doubled its target price from near $13 to $26.
NetSuite cautioned investors not to expect a short-term profit, but the market’s eagerness drove the bidding up in a Dutch auction process that saw NetSuite bump its target price for the 6.2 million shares three times this week. "Investors put in overzealous high bids to beat others in a scramble to get shares," said an IPO researcher.
