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Shares in cybersecurity firm FireEye more than doubled in their trading debut on Friday following their initial public offering as investors rushed to snap up shares in the fast-growing company that helps businesses fend off hackers. Shares of advertisement tech company Rocket Fuel also more than doubled in its debut, valuing the company at more than $2 billion, a day after it priced its IPO at the top end of its revised price range.
FireEye shares jumped to $43.10 as they opened trading on Nasdaq. The company sold some 15.2 million shares at $20 per share, above its proposed price range.
FireEye's revenue jumped nearly seven times to $83.3 million between 2010 and 2012, while its net losses widened to $35.8 million from $9.5 million during the same period.
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"The valuation is astronomical, but so is the revenue growth rate," said Tim Ghriskey, chief investment officer with Solaris Asset Management. "For many investors this is nosebleed territory - especially since the stock has opened at twice the IPO price."
The IPO price valued FireEye at about $2.3 billion. The company raised about $304 million from the offering. All the shares in the IPO were sold by the company.
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Rocket Fuel soars, which delivers Web-based video advertisements, raised $116 million by selling 4 million shares at $29 each. Rocket Fuel had set a price range of $27-$29 per share for the IPO.