Palo Alto Networks: Initial Public Offering

IPOs Dept: The Santa Clara, Calif. company is going public as the market for IPOs comes back to life following a five-week freeze. Demand for shares of newly public companies had collapsed as worries about slowing global growth and sliding stock markets exacerbated disappointment following Facebook's IPO in May, according to Winnipeg Free Press. Palo Alto Networks and its shareholders raised $260.4 million in its initial public offering of stock Thursday night. The company's shares priced at $42 each, above the expected range of $38 and $40 per share. That indicates investor demand was heavy. The company had initially expected a price of $34 to $37 per share and nEW YORK, N.Y. - Shares of security software company Palo Alto Networks Inc. are shooting higher in their first day of trading on the New York Stock Exchange. But not every company is making it to market. Fender, maker of guitars played by Jimi Hendrix and Eric Clapton, called off its IPO Thursday night. The company blamed poor market conditions and the weakening economy in Europe. (www.immigrantscanada.com). As reported in the news.