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ServiceNow share up sharply in initial trading
Friday - 6/29/2012, 10:55am EDT
(AP) - ServiceNow Inc.'s shares jumped 30 percent in its market debut.
The San Diego-based company priced its offering of nearly 11.7 million shares at $18 each late Thursday. That's above the expected range of $15 to $17. Its stock price increased to $23.40 within the first hour of trading Friday.
ServiceNow provides cloud-based applications to automate companies' technology operations. Services and software based in "the cloud," are accessed over an Internet connection rather than stored in-house.
The company raised $162 million in its sale of 9 million shares and shareholders raised $47.7 million for the sale of the remaining shares.
ServiceNow's stock is listed on the New York Stock Exchange under the symbol "NOW".
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)