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Paradyne soars in IPO
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July 16, 1999: 3:29 p.m. ET
High speed Internet equipment maker rises 232 percent in debut
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NEW YORK (CNNfn) - Shares of Paradyne Networks, a maker of high-speed Internet access software, soared more than 230 percent in the company's first day of trading Friday.
Paradyne (PDYN) stock rose 39, or 232 percent, to 56, in late afternoon trading, giving the company a market capitalization of $336 million.
Lead underwriter Donaldson, Lufkin & Jenrette initially priced 6 million shares of the Largo, Fla.-based company at $17.
In other initial public offerings Friday, shares of Audible Inc (ABDL)., an Internet audio provider, rose 146 percent to 22. And shares of Ravisent Technologies (RVST), which provides digital video and audio, gained 54 percent to 18-1/ 2.
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