Support.com (Nasdaq: SPRT) rose 18 5/8 to 32 5/8 in its first day of trading Thursday, a sign that the IPO market could be headed for recovery.
The issue was the first dot-com to come to market in several weeks, and one of the few in recent months to close well above its IPO price. Before the stock’s debut, underwriters twice boosted the price range to meet strong demand.
The Redwood City, California-based e-business software company sold 4.25 million common shares through Credit Suisse First Boston. The company lost $14.29 million on revenue of $3.32 million in 1999.