Marimba makes a mighty debut
The supplier of technology that lets companies distribute and update software over the Net soars in its first day of trading.
MOUNTAIN VIEW, California--Marimba, a supplier of technology that lets companies distribute and update software over the Internet, soared in its first day of trading.
The company's shares rose 40.75 to 60.75 as about 6.1 million shares changed hands by the end of today's trading on the Nasdaq. Earlier, the shares touched 66.5. The company had a market value of $1.51 billion at the high price.
The company sold 4 million shares at $20 each yesterday, raising $80 million. The shares sold at $2 above the top of the $16 to $18 range set by Morgan Stanley Dean Witter, which handled the sale.
Marimba trades under the symbol "MRBA." Credit Suisse First Boston and BT Alex. Brown assisted in the transaction.
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