Allaire Corp’s underwriters figured correctly on Thursday that the company’s initial public offering had considerable upside potential as they got it away at the high point of the revised target range. The Cambridge, Massachusetts-based web application server and web development tool supplier got its IPO away at $20 per share, raising $50m for the firm. When the shares began trading 11am, they immediately doubled at hit $46 at one point soon after opening and closed up $23.75, or 118.8% at $43.75. On Thursday night lead manager Credit Suisse First Boston raised the target to between $19 and $20 – the close range indicated that it new what the price was going to be – and added another 300,000 shares to take the total sold to 2.5 million. Allaire makes the Cold Fusion web application server and HomeSite web development tool.
