NetSuite's IPO debut launched like a rocket Thursday morning--soaring skyward, only to plunge back to earth.
Shares of the highly anticipated IPO, which priced at $26 a share Wednesday, shot as high as $30 a share in early morning trading, only to fall below sea level to $23.86 a share. The shares have since stabilized a bit, trading slightly above its IPO price.
NetSuite and its investment bankers, which conducted an IPO auction in setting the price, won't be accused of leaving money on the table in raising as much capital as possible for the company.
NetSuite, an on-demand enterprise applications company backed by Oracle's Larry Ellison, happily started the day by opening the bell on the New York Stock Exchange, where the company trades under the ticker "N."
But NetSuite investors, however, may now be feeling a bit sober if they were expecting to ride the same continual bump up seen with the pricing range earlier in the week.
One report in MarketWatch cited an analyst who raised concerns that the enthusiasm investors exhibited during the IPO auction process may have taken steam away from the offering's debut.
For NetSuite's investors, they may be hoping the "N" in the ticker doesn't stand for nowhere.