Tech IPOs soar, shipping IPO sinks

Shares in wireless network provider Meru Networks Inc (MERU.O) opened 32 percent above their initial public offering price and after paring some of the gains still traded 28.0 percent above their IPO price at $19.20 near midday.

The company on Tuesday sold 4.4 million shares for $15 each, pricing at the top of the $13 to $15 expected range.

Meru provides businesses with virtualized wireless networks and said in a regulatory filing that it competes with Cisco Systems Inc (CSCO.O), Motorola Inc (MOT.N) and Hewlett-Packard Co (HPQ.N).

Read Full Article from Reuters

- Posted: 2010-03-31 11:59:35

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