Extensity Inc., (Nasdaq: EXTN) an employee productivity software maker, shot up 53, or 260 percent, to 71 1/4 Thursday after pricing its 4 million-share offering at $20 a piece.
The company doubled its projected price range to $16 to $18 each from an initial filing range of $8-10.
"This is another offering with a strong name behind it - Kleiner Perkins Caufield & Byers," said David Menlow, an analyst with the IPO Financial Network, who predicts it has "all the right trimmings" to succeed.
The company's software sells a suite of Internet-based software applications that automates expense reporting, travel management, procurement and billable time management.
After the offering there will be about 21.8 million shares outstanding in the company.
Revenue for the nine months ended September 30 was $2.4 million, versus $542 000 for the same period in 1998. Net loss was $15 million for the nine months in 1999, as compared to &7.4 in the 1998 period.
The markets for Internet-based workforce optimization is competitive, the company said in its filings with the SEC; Ariba (Nasdaq: ARBA), Captura Software, Concur Technologies (Nasdaq: CNQR) and IBM (NYSE: IBM) all offer products that compete with Extensity's.
Deutsche Banc Alex. Brown, Bear, Stearns & Co. Inc. and Hambrecht & Quist are the underwriters for the deal.