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Markets > IPOs
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NetScreen IPO surges 48%
graphic December 12, 2001: 12:20 p.m. ET

Developer of security systems gains nearly 48% on Nasdaq in first day.
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  • NetScreen IPO raises $160M - Dec. 11, 2001
  • Prudential's $3B IPO leads slew of new issues - Dec. 8, 2001
  • Aramark IPO trades up - Dec. 11, 2001
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    NEW YORK (CNN/Money) - The initial public offering from NetScreen Technologies Inc., a developer of security systems and appliances, surged by 48 percent on the Nasdaq Wednesday.

    Shares of NetScreen (NSCN: Research, Estimates) opened at $23.76, a high of $24.46 and closed at $23.72.

    The NetScreen offering extends the winning streak for technology-related IPOs. Last week, Lawson Software Inc. (LWSN: up $0.65 to $17.80, Research, Estimates) a provider of enterprise software, surged 13 percent in its market debut which followed the strong showing from Magma Design Automation Inc. (LAVA: down $0.36 to $20.44, Research, Estimates) which gained 46 percent in late November.

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    Sunnyvale, Calif.-based NetScreen raised $160 million late Tuesday when it sold 10 million shares at $16 per share through lead underwriter Goldman Sachs. NetScreen early this week bumped up the size of its deal to 10 million shares at $12 to $14 a share, from 8 million at $9 to $11.

    Unlike most companies tapping the equities markets now, NetScreen is not profitable with $31.3 million in losses on $85.6 million revenue. In fact, the company states in its most recent filing with the Securities and Exchange Commission: "We anticipate continued losses and may not achieve profitability," NetScreen said. graphic

      RELATED STORIES

    NetScreen IPO raises $160M - Dec. 11, 2001

    Prudential's $3B IPO leads slew of new issues - Dec. 8, 2001

    Aramark IPO trades up - Dec. 11, 2001





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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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