Shares in Quest Software Inc nearly quadrupled Friday after the applications integration company sold 4.4 million shares in its initial public offering. The shares, sold at $14 each, opened at $20.50 and traded as high as $52.75 before closing the day at $47, up 236% on the offering price. Total volume for the day was 13.96 million shares.
All the shares in the offering were sold by the Newport Beach, California-based company. BancBoston Robertson Stephens Inc was the lead manager of the sale, with Donaldson, Lufkin & Jenrette, CIBC World Markets and FAC/Equities serving as co-managers. The shares are trading on the Nasdaq National Market under the symbol QSFT.
Quest raised a total of $61.6m from the offering, minus an estimated $1.2m in expenses. The company has roughly 310 employees and reported a net loss last year of $2.3m on revenue of $34.8m.
