Two high-profile initial public offerings seem to indicate a waning of investor wariness following the much-maligned Facebook IPO. Kayak Software and Palo Alto Networks were able to price their shares above proposed ranges and enjoy healthy bumps in share prices in their market debuts on Friday.
As of early afternoon Eastern Time Friday, Palo Alto shares (PANW) rose more than 34% to $56.39 and Kayak (KYAK) climbed 30% to $33.8928, according to Bloomberg. The performance indicates that investors are continuing to look favourably on the tech industry after the IPO of ServiceNow in June. That software maker’s stock rose 37% on its first day.