July 20, 2012 11:30 am EST – In a busy day for U.S. IPOs, new IPOS from cloud software provider Palo Alto Networks (NYSE:PANW) and internet travel site Kayak.com (Nasdaq:KYAK) have just begun trading.
- Palo Alto Networks' IPO priced above its expected range of $37 - $40 per share at $42 per Share
- Palo Alto Networks saw a high of $56.98 in opening trades, representing a 36% increase over its original offering price
- Palo Alto Networks pricing above its expect range signals strong investor demand for a piece of the seven year old company
- Kayak also priced its IPO above the expected range of $22 - $25 at $26 per share
- Kayak saw a high of $32.01 in opening trades, representing a 23% increase over its original offering price