FireEye sizzles on Wall Street after $303.6M IPO
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- Cromwell Schubarth
- Senior Technology Reporter- Silicon Valley Business Journal
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The IPO shares of the
Milpitas-based company led by CEO David DeWalt sold at $20 on
Thursday, giving the company a $2.3 billion valuation, but soared as high as
$44.75 in Friday morning trading. Its stock closed at $36.
FireEye's offering was one of two
hot IPOs by Silicon Valley companies on Thursday. Advertising technology company
Rocket Fuel's stock also doubled after it stock raised $116 million in an IPO.
FireEye plans to use the money to expand its work force and push ahead with
sales, marketing and product development.The company's loss more than doubled last year to $35.8 million, despite a 147 percent jump in revenue to $83.3 million.
FireEye raised more than $100
million in venture funding since it was founded in 2004. Backers include Sequoia
Capital, Norwest Venture Partners, In-Q-Tel, Silicon Valley Bank and others.
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