Proofpoint shares surge on first day of trading

AP News
Posted: Apr 20, 2012 11:59 AM
Proofpoint shares surge on first day of trading

Shares of the data security firm Proofpoint are up 11 percent in their first day of trading.

The shares were initially priced at $13, above the company's earlier guidance of $10 to $12. After discounts and commissions for underwriters, the sale generated $62 million for the company and $14.5 million for selling stockholders.

Shares jumped $1.38 to $14.38 early Friday on the Nasdaq Global Select Market.

Proofpoint Inc., based in Sunnyvale, Calif., is one of three initial public offerings Friday. Networking services company Infoblox Inc. rose sharply as well. Midstates Petroleum Company Inc. also rose. All major indexes are up after strong earnings results from a variety of large corporations like McDonald's.

Solid economic growth and a surging stock market have prompted more startups to go public in recent weeks.

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