Avanex, FirePond Shares Surge, Continuing Strong IPO Trend

Two new issues celebrated Friday by more than quadrupling on their first day of trading.

Avanex(AVNX Quote) soared 377%, making it the biggest one-day gainer so far this year among the highflying new issues. Close behind was FirePond(FIRE Quote), which bounded 355%.

But as stunning as these gains are, they are dwarfed by some of 1999's big winners, including VA Linux (LNUX Quote), whose 733% rise was the largest gain of any new issue on its first day of trading. Still, the enthusiastic reception that Wall Street gave Avanex and FirePond provides more evidence that the market for initial public offerings remains hot in the second month of the new year. ...