As Twitter goes public, a look at other tech IPOs
Twitter, which announced plans on Thursday to go public, is the latest US technology company to test the waters on Wall Street. Here is a look at the fortunes of some other notable tech companies which have conducted initial public offerings over the past two years.Updated: Sep 13, 2013 18:30 IST
Twitter, which announced plans on Thursday to go public, is the latest US technology company to test the waters on Wall Street.
Here is a look at the fortunes of some other notable tech companies which have conducted initial public offerings over the past two years:
The social network started by Mark Zuckerberg, which now has more than 1.1 billion users around the globe, had a rocky debut after it went public at $38 a share in May 2012 with a valuation of $16 billion.
Life after Facebook's IPO
Facebook shares fell below $20 over the past year and only climbed back over their offer price in July. Facebook shares closed at $44.75 on Thursday, boosted recently by reports that mobile advertising revenue is on the rise.
The social network for professionals and job-hunters, LinkedIn has been one of the biggest stars of the technology sector since turning to Wall Street in May 2011.
IPO market heats up, more startups going public
Shares of LinkedIn more than doubled from their offer price of $45 on the first day of trading. LinkedIn, launched in 2003, closed at $249.70 on Thursday.
Online daily deals sensation Groupon went public in November 2011, raising $700 million in what at the time was the biggest initial public offering by an Internet company since Google.
But the Chicago-based company, which was listed on the Nasdaq at $20, has struggled since then and its share price closed at $11.76 on Thursday. Founder Andrew Mason was fired as chief executive of the company in February amid sluggish growth.
Shares of restaurant and business review website Yelp have soared since the San Francisco-based company went public in March 2012 with a $15 initial public offering price.
Online reviews site Yelp to go public
Yelp shares closed at $63.77 on the New York Stock Exchange on Thursday. Yelp, founded in 2004, offers user-generated reviews of service businesses by city across the United States, Canada and western Europe.
Internet radio Pandora made its Wall Street debut in June 2011, raising $235 million with stock priced at $16 a share.
Pandora, which creates personalized radio stations for users based upon their favorite artists or songs, traded below its offer price until recently but closed at $23.97 on Thursday. Pandora named a new chief executive on Wednesday, sending its stock price up 12 percent for the day.
Online gamemaker Zynga was valued at $7 billion when it made its play on the stock market in December 2011.
Zynga slashes work force by a fifth, shares dive
But the company behind Facebook games such as FarmVille and Mafia Wars has been on a losing streak since then. Zynga shares, which were offered at $10, closed at $3.02 on Thursday.
First Published: Sep 13, 2013 12:51 IST