While a single positive offering does not a trend make, the negative effects of the Vonage IPO have been felt far and wide and yesterday at ITEXPO many people in the industry told me they hope the Acme Packet IPO goes well today. As an industry this latest offering has the ability to reinforce the negativity started by Vonage or it could have the opposite effect.
Of course the business model of Acme Packet and Vonage could not be more different as Acme sells to service providers and has an A list of equipment provider partners. Still, many see the companies in the same sector.
I am getting ready to head over to Internet Telephony Conference & Expo now but so far the news on the Acme Packet IPO is good. The shares have soared 47% in their debut.
The shares opened at $14 before climbing as high as $14.50 in morning trading on the Nasdaq. The 11.47 million share offering raised $109 million Thursday, after pricing at $9.50 compared with an $8 to $9 forecast.
The range was upgraded earlier Thursday from an initial $6.50 to $7.50 per share forecast.The pricing gave the company a market capitalization of $538.7 million.
More from Reuters.
Of course the business model of Acme Packet and Vonage could not be more different as Acme sells to service providers and has an A list of equipment provider partners. Still, many see the companies in the same sector.
I am getting ready to head over to Internet Telephony Conference & Expo now but so far the news on the Acme Packet IPO is good. The shares have soared 47% in their debut.
The shares opened at $14 before climbing as high as $14.50 in morning trading on the Nasdaq. The 11.47 million share offering raised $109 million Thursday, after pricing at $9.50 compared with an $8 to $9 forecast.
The range was upgraded earlier Thursday from an initial $6.50 to $7.50 per share forecast.The pricing gave the company a market capitalization of $538.7 million.
More from Reuters.
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