Plumtree Software Inc.s long-awaited initial public offering Tuesday saw the companys stock price end the trading day unchanged from its debut price of $8.50 per share.
The San Francisco-based portal software company, privately held since its founding in 1998, issued 5 million shares of its stock, trading on Nasdaq under the PLUM symbol.
The IPO was priced at $8.50 per share and the stock was bid up to $9.61 per share when it opened for trading at 11:17 a.m. EDT. It eventually went up to $9.96 a share before falling back down to its original offering price of $8.50.
Plumtree gained $42.5 million from the sale of the stock, which up until last month was expected to debut at between $13 and $15 per share. The company reported a profit of $157,000 on $23.2 million in revenue in the first quarter of this year, its first profitable quarter.