Palo Alto Networks jumps 34% in IPO
7/20/12 9:59 AM ET (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Shares of Palo Alto Networks jumped 34% after the stock opened trading on the New York Stock Exchange on Friday morning, following its initial public offering. The shares rose to $56.59, after pricing at $42 late Thursday. The company had recently raised its IPO range to $38-$40 from $34-$37 earlier in the week, amid signs of strong demand for the shares. About 6.2 million shares were sold in the offering, with about 1.5 million coming from selling shareholders. Morgan Stanley, Goldman Sachs and Citigroup led the deal. The stock opened trading at $55.15.