Updated from 3:03 p.m. EDT
, a maker of online support software, leapt as much as 180% in their trading debut Wednesday, proof that investors have yet to fully shun companies that herald themselves as "dot-coms."
In Wednesday afternoon trading, the Support.com issue, which raised $59.5 million, had given back some of its gains, finishing regular trading at 32 5/8, up 18 5/8, or 133%.
The 4.25 million shares on offer were priced at $14, above the range of $11 to $13, which had been raised from $8 to $10 because of strong demand, said Radha Basu, the chief executive and president of Support.com.
The Redwood City, Calif.-based company makes software that provides online technical support and delivery of that support, as well as an Internet support infrastructure. Its competitors currently include
and privately held
The market for e-support products is expected to grow from the current $3 billion to over $14 billion in 2003.
Support.com generated $1.9 million in revenue in the first quarter of 2000, up a staggering 460% from the $334,000 generated in the same period a year ago. In the first three months of this year,
, the second-largest oil field services company in the world, accounted for the largest portion of the company's total revenue, 28%.
accounted for 16% and information technology services company
accounted for 11%.
The company added 13 customers in the first quarter to a roster of 30.
Credit Suisse First Boston
was the lead manager of the offering.
also participated in the underwriting.