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An Eye-Opening IPO

How network-security company Fortinet pulled off a solid offering in a shaky market.

February 23, 2010

Some say a recession is only a recession for those unfortunate enough to be out of work. Likewise, a bad year for initial public offerings isn't so bad if your offering is one of the few that shine.

Thus for Fortinet Inc., 2009 was a very good year for an IPO. While many companies stayed on the sidelines, the $250 million network-security software provider went public on November 17, pricing its shares at $12.50, well above the expected range of $9 to $11. Many other offerings floundered last year, with shares quickly falling below their opening price, but Fortinet's stock soared 36% higher on its first day and by year-end was up 41% from the offering price (at press time, it still traded near that level). Read more...

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