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In a long-anticipated IPO move, 3PAR began trading on the NYSE today under the symbol 'PAR.'
The eight-year-old company, which helped popularize the concept of thin provisioning, anticipates net proceeds of $95 million in an offer of 7.5 million shares at $14 per share. If all goes as planned, the IPO will come close to 3PAR's initial goal of raising $100 million, as stated in August 2007.
3PAR backed down from that $100 million figure earlier this month, but management apparently had confidence enough to go ahead and raise share pricing on the eve of the offer.
In early trading today, 3PAR shares were selling at $16.40.
At least one financial analyst thinks 3PAR's doing well, considering the recent activity among comparable startups: Compellent's October IPO was followed by volatile down-trending stock activity, and the long-awaited public debut of EqualLogic was thwarted by Dell's $1.4 billion bid for purchase early this month.
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