Search engine GoTo.com (Nasdaq: GOTO), which charges other Web sites for placement on its search results, also had a strong first day of trading on Friday. The IPO was priced at $15, and GoTo.com closed up 7-3/8 to 22-3/8, a gain of 49 percent.
Volume was heavy, with more than 14.6 million shares changing hands, even though only six million shares were made public. Like Viant, GoTo.com priced its offering much higher than its original range.
The price range was originally $11 to $13, before being raised to $13 to $14 and then raised once more to $15.
More than anything else, Friday’s trading in GoTo.com and the other Internet companies that went public shows that investors are being selective as the market gets crowded, but the higher-profile companies are still attracting buyers.