San Jose, California-based networking firm Alteon WebSystems Inc saw its shares soar 294% in trading, Friday after staging a spectacular debut on the Nasdaq stock market. Alteon’s share price closed the day at $74.9 after opening at $19. The firm, which makes products to improve the efficiency and reliability of e-commerce web servers, raised $76 from its initial public offering of four million shares. It posted a net loss of $12.5m for the year to June 30 on net sales of $26.3m. Customers include Microsoft’s WebTV and IBM Corp
Net IPOs have ridden a roller coaster all week achieving stellar valuations from pent-up investor demand following a recent dearth of such IPOs and low price terms set with the market in the doldrums over the summer. NetZero, a Westlake Village, California-based free internet service provider, almost doubled its share price on its first day of trading putting on $13.3 from its opening price of $16 a share to close at $29.30. Another Friday IPO, Interspeed, a specialist DSL high speed internet service, which uses traditional phone lines, closed well above its $12 debut price at $18.30 as 7.1 million shares changed hands.
