SuccessFactors soared on Tuesday, a day after an initial public offering that raised $108 million, the top of expectations.Related Postings:
Shares opened at $13 per share, 30 percent higher than its $10 IPO price, By end of day, the shares were at $13.25, up 32.5 percent on Nasdaq.
On Monday, the unprofitable maker of web-based performance management software sold 10.8 million shares for $10 per share, compared with a forecast range of $8 to $10.
Underwriters, led by Morgan Stanley and Goldman Sachs, have the option to purchase an additional 1.6 million shares to cover overallotments.
Based on its opening price, the company has an initial market capitalization of about $650 million.