Imperva shares jump after IPO prices above range

AP News
Posted: Nov 09, 2011 11:02 AM
Imperva shares jump after IPO prices above range

Shares of data security software provider Imperva are soaring in their IPO debut.

The company and its shareholders have raised $90 million in an initial public offering that priced above expectations. That suggests strong demand for the stock.

Imperva Inc.'s shares priced at $18 each Tuesday night. The company had expected a price of $14 to $16 for the shares.

Trading on the New York Stock Exchange under the symbol "IMPV" Wednesday morning, shares are up 38 percent to $24.90.

The Redwood Shores, Calif., company was founded in 2002. It has reported a loss for the last three years, although its revenue rose in 2009 and 2010.

Another technology company, daily deals website Groupon, went public last week. Groupon stock rose 31 percent in its market debut.