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Inrange soars on first day
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September 22, 2000: 8:08 p.m. ET
Networking IPO bucks Nasdaq jitters, jumps 189% in debut; Curon up 10%
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NEW YORK (CNNfn) - The IPO market shook off Nasdaq jitters Friday, led by Inrange Technologies Inc., a maker of networking equipment, which nearly tripled its offer price, while Curon Medical Inc. gained 9 percent.
Inrange jumped $30.26, or 189 percent, to $46.26 while Curon rose $1 to $12.
On Thursday, Inrange Technologies Inc. (INRG: Research, Estimates) exceeded expectations selling 7.7 million shares at $16 via underwriters led by Salomon Smith Barney. The company had planned on offering 7.7 million shares at $12-to-$14 each.
The price range boost signaled strong institutional interest and a likely warm welcome by Wall Street on Friday.
 "All you need to know about the IPO market is the pricing," said John Fitzgibbon, analyst at WorldFinanceNet.com.
Intel Corp. (INTC: Research, Estimates) stunned the markets late Thursday when it revealed that weakening demand in Europe will result in third-quarter revenue growth that may amount to as little as half what some analysts had expected. The warning caused the Nasdaq to plunge 214 points before rebounding.
The Mt. Laurel, N.J.-based networking company overcame these market woes to emerge as the first fall IPO to nearly triple on its first day. Inrange designs and builds networking and switching services for storage, data and telecom networks.
Inrange targets Fortune 1000 companies such as AT&T (T: Research, Estimates), Wells Fargo (WFC: Research, Estimates), Ford (F: Research, Estimates) and Sprint (FON: Research, Estimates).
The 32-year old Inrange had $98.4 million in revenue and net income of $7.7 million for the six months ended June 30.
"I honestly think when Inrange started pricing it was well before Intel's announcement," said Corey Ostman, co-chief executive officer of Alert-IPO.com. "People still love networking issues."
Curon edges up
Friday's other IPO, Curon Medical Inc., gained $1 to close at $12.Curon Medical Inc. raised $55 million after pricing 5 million shares at $11 through underwriters led by UBS Warburg.
The company had planned on offering 5 million shares at $11-to-$13 each.
Sunnyvale, Calif.-based Curon Medical (CURN: Research, Estimates) makes products to treat gastrointestinal disorders such as gastroesophageal reflux disease (GERD), which is the backward flow of stomach contents. 
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Inrange Technologies
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