FireEye, Rocket Fuel Almost Double in Public Debuts After IPOsJulie Alnwick
Technology companies FireEye Inc. and Rocket Fuel Inc. both almost doubled in their public debuts following U.S. initial public offerings, signaling investors remain confident in growth prospects for the industry’s stocks.
FireEye, a maker of software used to protect computer systems from hackers, said today that it raised $304 million in its IPO, selling more shares than projected. Digital advertising company Rocket Fuel raised $116 million, pricing at the top end of its proposed price range.
There have been more than $3 billion in technology and Internet IPOs on U.S. exchanges this year, according to data compiled by Bloomberg. On average, those stocks have risen more than 65 percent since their debuts, the data show, more than twice the rate of other new stocks.
FireEye and Rocket Fuel are listed on the Nasdaq Stock Market, under the symbols FEYE and FUEL. Redwood City, California-based Rocket Fuel climbed 91 percent to $55.53 at 1:35 p.m. in New York, while Milpitas, California-based FireEye surged almost 90 percent to $37.78. Both stocks more than doubled in earlier trading.