initial public offerings (IPOs) trading on American exchanges

Wednesday, March 20, 2013

Model N (MODN) started trading on the NYSE on 20 March 2013

Zack Rinat, CEO of Redwood City-based Model N, rang the opening bell at the New York Stock Exchange Wednesday after hi company raised $100 million in an IPO. It shares sold at at $15.50, above the target range of $12.50 to $14.50, and soared by more than 35 percent in early trading.

Model N continued the momentum of enterprise software companies by raising $100 million in its initial public offering and jumping by as much as 35 percent in the opening minutes of its trading debut Wednesday on the New York Stock Exchange.

CEO Zack Rinat kicked off trading Wednesday when he rang the bell at the NYSE. The Redwood City company's stock (NYSE:MODN) jumped as high as $20.87 after opening at $20.30.

There were about 6.7 million shares sold on Tuesday at $15.50 a share, above the target range of $12.50 to $14.50 that te company had set. Underwriters have the option to buy a little over 1 million more shares in the next 30 days.

Model N's software is used by the life science and technology industries to manage business functions such as pricing, contracting, incentives and rebates.

Its customers include Johnson & Johnson, Merck & Co, Dell, Nokia and VMWare and its revenue grew 29 percent in the past two years to $84.3m last year.

It is backed by a Accel Partners/KKR joint venture and Meritech Capital Partners.

Zack Rinat, founder and CEO of Model N.

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