Virtualization pioneer VMware defied a falling stock market Tuesday, with shares rising 76 percent from $29 to $55.50 before closing at $51 on its first day of trading, reports the International Herald Tribune. The Dow was down 207 points for the day.
The company was expected to clear $957 million. It was the largest technology initial public offering since Google raised $1.2 billion in 2004, according to the San Francisco Chronicle.
On Tuesday, investors snapped up 38,238,000 shares. Due to the high demand, Reuters reports, underwriters of the IPO exercised an overallotment option to buy an additional 4.95 million Class A shares at $29.