NEW YORK (TheStreet) -- Two technology stocks launched into public trading Friday with substantial momentum, bucking the overall stock market declines and carrying on the generally positive momentum in 2014 technology IPOs.
Hortonworks, now trading under the ticker (HDP) on the Nasdaq, and New Relic, trading under (NEWR) on the New York Stock Exchange, were up 46% and 43%, respectively, from their initial public offering prices in mid-day trading.
Hortonworks, a data-analysis services startup, offered its 6.25 million shares at $16 per share raising $100 million, which values the Palo Alto-based company at $665 million. Shares Friday traded at $22.14 at their lowest before rallying to a high of $24.35.
Hortonworks is trying to commercialize Hadoop, free software developed by Yahoo! (YHOO) , to store, analyze and manage significant amounts of data. It was Yahoo!'s effort to compete with Google (GOOGL) before Hortonworks was spun off by Yahoo! and Benchmark, a venture capital firm that also funded Twitter (TWTR) , Uber, Snapchat and Instagram. Yahoo has a roughly 19.6% stake in the company.
As of Sept. 30, Hortonworks reported $33.4 million in year-to-date revenue, which is about double what it reported a year prior. Net losses were $86.7 million, up 80% from $48.4 million the same period in 2013.
Joint underwriters Goldman Sachs and Credit Suisse have a 30-day option to buy another 937,500 shares of Hortonworks common stock.
Meanwhile, New Relic, a software analytics company, priced an initial offering of five million shares at $23 per share for a $115 million draw Friday. New Relic's shares opened at $30 before spiking to a high of $34.05. Based in San Francisco, New Relic, now with 70 partners worldwide, monitors Web and mobile applications in real time. Its platform allows developers access to more than 50 plug-ins from its partners like Amazon Web Services and CloudBees.