Shares in web traffic measurement firm Media Metrix Inc more than tripled in value in their debut session Friday following the company’s initial public offering of 3.0 million shares at $17 each. The stock traded as high as $54.625, before closing the day at $45.5625, up 168% from the offering price. All of the shares were offered by the company and the price was upped from an initial range of $12 to $14.
The shares are trading on the Nasdaq National market under the symbol MMXI. The New York-based company said it intends to use the proceeds from the offering – which was led by Donaldson, Lufkin & Jenrette – for international expansion, new product development, the redemption of outstanding redeemable preferred stock and for general corporate purposes.
In another internet-related IPO Friday, shares in e-commerce software provider NetObjects Inc weren’t as warmly received, closing at $13, up $1, or 8.3%, from the $12 offering price. The shares did trade as high as $16.375 but also fell as low as $11.125. The company sold 6.0 million shares through an underwriting group that included BT Alex Brown, BancBoston Robertson Stephens and US Bancorp Piper Jaffray. Net proceeds of the sale will be used for repayment of debt and general corporate purposes.
Meanwhile, Gadzoox Networks Inc, a San Jose-based provider of storage area networking products, has filed for an IPO worth up to $50m of its own. The number of shares and the offering price have yet to be determined. Credit Suisse First Boston will act as lead underwriter of the offering.
