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While the overall financial markets have been choppy this week, the initial public offering market seems to be as strong as ever. Case in point: Thursday's IPO from Extensity (Nasdaq: EXTN), a software company that develops Internet-based workforce organization applications. The original price range for the IPO was $8 to $10 per share. Then it was raised to $14 to $16. Then it was raised to $16 to $18. Finally, the company priced four million shares at $20.
Shares of Extensity took off on Thursday, gaining 51-1/4 to 71-1/4, a climb of more than 256 percent. Extensity, which has top venture capital firms Kleiner Perkins Caufield & Byers and Hummer Winblad Venture Partners as investors, has a customer base that includes Cisco Systems, Excite@Home, NEC and the newly public John Hancock.
The IPO market should continue to sizzle today. High-profile companies that are going public today include Internet advertising/marketing firm L90 and 724 Solutions, which provides online banking solutions that enable financial institutions to offer their services on wireless devices.
