Palo Alto Leads Push to Raise $700 Million as IPOs Recover

Palo Alto Networks Inc. and Kayak Software Corp. led companies that announced plans today to raise more than half a billion in initial public offerings, a sign the market is recovering from a monthlong drought following Facebook Inc.’s disappointing debut.

Palo Alto Networks is seeking to raise as much as $229 million, while Kayak aims to raise as much as $87.5 million, according to regulatory filings today. Fender Musical Instruments Corp., Five Below Inc. and Durata Therapeutics Inc. also set terms for their IPOs, bringing the total to almost $700 million.