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December 2, 2008 11:49:58 AM CST

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NetSuite IPO Brings Market Early Christmas Gift

Posted Dec 21, 07 6:19 AM CST in Technology,  Business 

(Newser) – 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.

Source Wall Street Journal

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Oracle CEO Larry Ellison smiles during his keynote address at Oracle Open World conference in San Francisco, in this Oct. 25, 2006 file photo. NetSuite Inc., an online software service controlled by Ellison,...   (Associated Press)
NYSE Euronext today welcomed the officials and guests of NetSuite Inc. Evan Goldberg, Chairman and Chief Technology Officer and Zach Nelson, President and Chief Executive Officer rang the opening bell,...   (Associated Press)
The exterior of the Netsuite headquarters in San Mateo, Calif. is seen in this July 2, 2007 file photo.   (Associated Press)
Dashboard view of NetSuite.   (Associated Press)
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