Fortinet shares soar on first day of trading after IPO prices higher than expected
By APWednesday, November 18, 2009
Fortinet shares soar on first day of trading
NEW YORK — Shares of Fortinet are rising in the company’s first day of trading on the Nasdaq.
The network security provider priced its initial public offering of 12.5 million shares at $12.50 each, above the expected range of $9 to $11 apiece.
Investors are bidding shares up 32 percent, or $4, to $32, in late-morning trading
Fortinet Inc., based in Sunnyvale, Calif., provides unified threat management systems, which combine security functions such as antivirus and firewall protection for computer networks.
It had sales last year of roughly $212 million, with net income of $7.4 million.
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