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Sparks flew off VMware shares as the company's long-awaited public debut went live today in what looks to be the biggest tech IPO (if not the biggest IPO, period) of 2007.
When we last checked on the Byte and Switch Index, shares of VMW were trading at $55, 89 percent above the $29 price announced last night. (See VMware Completes Exchange Offer and VMware Prices IPO.)
As senior editor James Rogers notes in his coverage today, VMware looks well set to exceed its IPO goal of raising $957 million.
Additionally, today's VMware debut marks a rite of passage for the storage industry in general, as VMware majority stakeholder EMC takes its place in the catbird seat of the IT market.
When EMC bought VMware for $635 million back in 2003, VMware had about 360 employees and was just coming off its first $100 million revenue year. (See EMC Gobbles VMware.) Now it has over 3,000 employees and looks to be making its first $1 billion in annual revenue.
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