VMWare’s (NYSE:VMW) Long awaited partial spin-off and IPO from EMC (NYSE:EMC) has finally made it out to market. Indications out of the chute were originally $38.00 to $41.00 after a $29.00 pricing. But indications went higher and this one took roughly 30 minutes to open from specialist indications. The 33 million share float might as well be considered 37.95 million, because it is a shoe-in that the underwriters will take that 4.95 million share overallotment.
Indications later reached closer $50.00 for the opening price at 9:55 AM, and then the indications were showing a $52.00X$53.00 indication. It looks like a $51.25 level was the open price, but that only lasts for a second. Shares have now traded over 7 million shares.
The underwriters could have easily hit our targeted $30.00+ pricing, but decided to leave some juice in it witha $29.00 pricing.
Jon C. Ogg
August 14, 2007
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
