ServiceNow IPO to watch: On demand software company ServiceNow (NOW) landed on the New York Stock Exchange under the symbol “NOW” on Friday. In the first listing day’s trading, NOW stock price surged 36.67% to $24.6. On the basis of the closing price, the company’s market value reached $2.95 billion. Calculated by a net profit of $9.83 million on revenue of $92.64 million in 2011, NOW shares trade at a price-to-sales ratio of about 32 times and price-to-earnings ratio of 300 times. Also read: ServiceNow stock price surged 36.67% on the first trading day.
The ServiceNow IPO was priced at $18 per common share, higher than the previously announced IPO price range of $15 to $17. The company sold 1170 shares of stock, raising funds of $209 million. Morgan Stanley, Citigroup and Deutsche Bank acted as underwriters of the ServiceNow IPO.
Also read the related article: ServiceNow IPO prices at 18 per share.
