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Gadzoox shares more than triple

Shares of Gadzoox Networks more than triple in value after the manufacturer of high-speed storage networking technology goes public.

Shares of Gadzoox Networks more than tripled in value today after the manufacturer of high-speed storage networking technology went public this morning.

Shares of Gadzoox were priced at 21 per share last night, opened at 68, then traded as high as 87 before closing at 74.81. The company offered 3.5 million shares.

Gadzoox makes network components called hubs and switches to connect servers up to storage systems using the storage area network (SAN) technique, which is based on a networking technology called Fibre Channel.

Most companies who have adopted SANs provide the technology with a specific set of hardware components to guarantee the package works together. Among Gadzoox's biggest partners are Hewlett-Packard, Compaq, Avid, and Data General, a company spokeswoman said.

Among Gadzoox's competitors is Brocade, a company that went public in May and that now has a market capitalization of about $2.8 billion.