shares failed to make much noise in their debut Friday.
Loudcloud shares reached as high as $6.91 Friday morning and were trading at $6.25 around noon, up a quarter from their pricing. The Internet infrastructure company Thursday raised $150 million when its 25 million-share IPO was priced at $6.
The offering price itself represented a disappointment for Loudcloud, which is run by Netscape founder Marc Andreessen, and indicated just how eager the unprofitable company was to get its hands on needed funding. In October the company indicated that it hoped to sell 10 million shares at $10 to $12 apiece, but the price came down and the size of the offering expanded in recent days as the company sought to entice dubious investors.
These travails, and the stock's quiet action Friday morning, point up the stark contrast between last year's blue-sky tech stock market, which notably featured soaring first-day IPO prices, and this year's edition.