After fits and starts, Salesforce.com Inc. finally made its debut on the public market as its stock opened at $11 per share on the New York Stock Exchange, trading under the symbol "CRM."
Salesforce.coms stock surged throughout the first day of trading, going as high as $17.30 before closing at $17.20, an increase of 56 percent. In early trading Thursday, the stock was down to $16.76.
San Francisco-based Salesforce.coms IPO, perhaps the most eagerly awaited in the business computing space this year and likely the first of several hosted application service provider IPOs this year and next, was originally expected in early March. The IPO has been delayed as many as three times since, most recently due to a possible violation of the SEC-mandated pre-IPO quiet period in May.
The company issued 10 million shares of common stock as part of this offering and gave its underwriters an option to purchase an additional 1.5 million shares to cover any over-allotments.
Morgan Stanley is serving as the sole book runner for the offering, with Deutsche Bank Securities, UBS Investment Bank, Wachovia Securities and William Blair & Co. acting as the co-managers of the offering.
Editors Note: This story was updated to include the price of Salesforce.coms stock at the end of its first day of trading.