This Enterprise IPO Is Hot And Shares Are Soaring

InfobloxInfoblox CEO Robert Thomas

Photo: Business Insider

Infoblox’s IPO opened today on the New York Stock Exchange and investors are eating it up.It offered 7.5 million shares and opened at $16 apiece, above the expected price range of $12 to $14 each. Shares soared to $23 and are trading now at about $22.

At a price of $22.50, Infoblox has a market value of about $990 million.

Infoblox has over 5,400 customers, it says. It makes products that automate the management of networks. That’s important stuff as companies move to the cloud, but Infoblox has a secret weapon, too. It makes products that will help companies convert to the next version of the Internet, IPv6 (or Internet Protocol version 6).

Read more: You Saw What Splunk Did Today? Now Get Ready For The Next Hot Enterprise IPO

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.