Wednesday, August 15, 2007

VMware Surges In IPO

Palo Alto-based VMware surged in its IPO Tuesday, debuting on the market at $29.00 per share and rapidly rising to close the day at $51.00 per share, despite a 207 point drop in the Dow. VMware develops server virtualization software used by IT enterprises to deploy multiple server applications on a single piece of hardware, and is used to save hardware costs and improve manageability of IT computing resources. The gain in the stock raised $957M for the company.