Actuate Software Corp, the San Mateo, California-based business reporting software company, saw its shares race up 70% following its Friday debut on the Nasdaq stock market. The 3 million shares offered (2.89 million of them new) were eventually priced in the middle of their $10 to $12 range, increased from a preliminary pricing range of $9 – $11. The stock closed the day up $7.75 at $18.75 having peaked earlier at $18.81. Goldman Sachs took the company public, and the float was originally planned for the week commencing July 20, but after experiencing strong demand, Actuate was brought to market late on Friday. But even this huge one day surge in the share price was overshadowed by events at Fridays other technology IPO, Broadcast.com. The Dallas-based internet audio and video streaming coming set the all time record for a post IPO gain with an incredible 250% price hike.
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