Jive story updated with CEO comments
NEW YORK ( TheStreet) -- Shares of Jive Software (JIVE - Get Report) shot up 27% to $15.12 Tuesday during the business software company's first day of trading on the Nasdaq as strong investor interest in the social media sector continues.
Jive Software, which offers Facebook-like social networks for businesses, priced shares at $12 a piece in its IPO, which was above its expected range of $8 to $10 a share. Jive raised $161.3 million through the offering.
For the six months ended June 30, the Palo Alto, Calif.-based Jive reported a loss of $30.6 million on revenue of $34 million, which compares to a loss of $13.3 million on revenue of $19.2 million in the same period a year earlier, according to its S-1 filing in late August.Customers include Brocade (BRCD), NetApp (NTAP) and Pearson (PSO). Jive is one of 11 IPOs this week as companies look to get out before the market shuts down until January. Other IPOs include social gaming company Zynga and high-end fashion brand Michael Kors. These companies are coming to market in a turbulent time for IPOs. Last week, five companies withdrew or postponed their offerings, according to Renaissance Securities. "Everybody is watching
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