A strong stock market could open the floodgates for more tech IPOs in the wake of Friday?s solid debut of Marketo and Tableau, but not all segments of IT may be able to ride the wave.
Marketo, which sells cloud-based marketing software, jumped 78 percent to close at US$23.10, up $10.10 from its opening on the Nasdaq. Tableau, a business intelligence and data visualization company trading under the eye-catching ticker ?DATA?, rose 64 percent to close at $50.75, up $19.75 from its opening on the New York Stock Exchange.
Tableau originally was set to offer 7.2 million shares but added another million shares thanks to an institutional investor that underwrote more of the float at the last moment. As a result, the company raised $254 million, rather than the $150 million it originally sought.
The promising debuts came as major markets and indexes rose for the fourth straight week, with the Dow Jones Industrial Average, the Standard and Poor?s 500 and the tech-heavy Nasdaq exchange all closing up for the week. The Dow and the S&P have both hit nominal (not adjusted for inflation) record highs recently, having surpassed the milestone round figures of 15,000 and 1,600, respectively, three weeks ago.
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