Palo Alto Networks IPO: Network security equipment manufacturer Palo Alto Networks (PANW) today landed on the NYSE under the symbol “PANW.” The stock opened at $55.25 per share, an amazing increase of 31.5% over Palo Alto Networks IPO price of $42 per share. As of 22:27 am, PANW stock price is reporting at $56.74, 35% higher than the public offering price, on volume of 16.77 million shares. Calculated on the latest stock price, the company’s market capitalization reaches approximately $3.76 billion.
On Tursday, Palo Alto Networks announced its IPO price range of $42, and the issurance amount of 6.2 million shares, financing amount of $260 million. The previously announced Palo Alto Networks IPO price range was between $34 and $37 per share.
Morgan Stanley, Goldman Sachs Group and Citigroup are the lead underwriters for the IPO. Credit Suisse, Barclays, UBS and Raymond James also joined the underwriting syndicate of Palo Alto Networks IPO.