NetSuite this week announced the initial public offering of 6,200,000 shares of its common stock at a price of $26.00 (£13.08) per share in New York.
CEO Zach Nelson rang the opening bell at the New York Stock Exchange as the California-based online accounting developer followed other Software as Service firms such as salesforce.com onto the public markets.
Experts believe that several other SAAS providers may also pursue listings over the next year.
Credit Suisse Securities served as book runners for Netsuite, which enjoys the backing of Oracle chief executive Larry Ellison.
Further reading:
