NEW YORK (AP) — Shares of security software company Palo Alto Networks Inc. are shooting higher in their first day of trading on the New York Stock Exchange Friday.
The Santa Clara, Calif., company and its shareholders raised $260.4 million in its initial public offering of stock Thursday night. The company's shares priced at $42 each, above the expected range of $38 and $40 per share. That indicates investor demand was heavy.
Palo Alto Networks is going public as the market for IPOs comes back to life following a five-week freeze. Demand for shares of newly public companies had collapsed as worries about slowing global growth and sliding stock markets exacerbated disappointment following Facebook's IPO in May.
Shares under the "PANW" ticker symbol are up $14.16, or 34 percent, to $56.16 in morning trading.