Aerohive Networks (HIVE) Stock Drops, Then Recovers After IPO (Update)

Update (4:20 p.m.): Updated with Friday market close information.

NEW YORK (TheStreet) -- Aerohive Networks  (HIVE) had dropped more than 9% on Friday, its first day of trading after the wireless technology company's IPO, but recovered to close flat at $10.

The company priced its initial public offering at $10 a share, the midpoint of its range, and sold 7.5 million shares to raise $75 million. Goldman Sachs and Bank of America/Merrill Lynch acted as joint booking managers for the offering.

Aerohive and 2U  (TWOU), a cloud-based education provider, both debuted on the market on Friday.

More than 7.58 million shares changed hands on Friday.

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HIVE Chart

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