Wednesday, June 23, 2004

WSJ.com - Salesforce Shares Climb In Public Trading Debut

WSJ.com - Salesforce Shares Climb In Public Trading Debut: "Salesforce.com Inc. shares rose sharply in their trading debut Wednesday, marking a triumph for the software company that weathered a series of setbacks and securities-law gaffes en route to the initial public offering.
After opening at the $11 offering price, shares of Salesforce.com, a customer-relations software company based in San Francisco, surged $6.20, or 56%, to close at $17.20 on the New York Stock Exchange.
The initial public offering of 10 million shares, led by Morgan Stanley, priced above estimates of $9 to $10 a share. That range was raised earlier this week from previous estimates of $7.50 to $8.50. The strong demand for the shares came despite some high-profile mistakes along the way to the public markets, including an earnings restatement and mandated delay in marketing the IPO because of comments made by the company's chief executive."
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