Palo Alto Networks, Kayak, Price IPOs
NEW YORK (TheStreet) -- Palo Alto Networks and Kayak priced their IPOs after market close on Thursday, as tech companies continue their return to the public markets following Facebook's (FB) botched debut in May.
Network security specialist Palo Alto Networks priced its IPO at $42 a share, according to a statement. The Fortinet (FTNT) and Check Point Software (CHKP) rival is offering 4,687,259 of the 6,200,000 total IPO shares.
Palo Alto Networks is expected to begin trading on the New York Stock Exchange on Friday under the symbol "PANW".
A highly regarded player in the security sector, the Santa Clara, Calif.-based firm raised its offering price to between $38 and $40 a share earlier this week.
Palo Alto Networks grew its annual revenue from $13.4 million in fiscal 2009 to $118.6 million in fiscal 2011 and its net loss narrowed from $19 million to $12.5 million over the same period. The firm brought in revenue of $179.5 million in the nine months ending April 30, 2012. Online travel firm Kayak priced its IPO at $26 a share on Thursday, above the expected price range of $22 to $25, according to CNBC. The Norwalk, Connecticut-based company, which is offering 3.5 million shares, is expected to start trading on the Nasdaq under the ticker symbol 'KYAK' on Friday. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.Select the service that is right for you!
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