Companies News / IT
VA LINUX: Shares surge on debut
By Lesia Rudakewych in New York
The eagerly awaited initial public offering of VA Linux
saw its shares surge 1,000 per cent to $300, as the
company was at the centre of a feeding frenzy by a
market infatuated with almost any high-tech or internet
company.
An hour after trading started at an offer price of $30,
shares in the California-based computer operating
systems group were changing hands at $255, giving VA
Linux a market capitalisation of $10bn. The group had
offered 4.4m shares. Revenues for 1999 were $17.7m,
with net losses of $14.5m.