Reuters: Global Markets: ServiceNow opens 32 percent above IPO price on NYSE

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ServiceNow opens 32 percent above IPO price on NYSE Jun 29th 2012, 14:13 Fri Jun 29, 2012 10:13am EDT (Reuters) - ServiceNow Inc (NOW.N) soared 29 percent in its New York Stock Exchange stock debut on Friday, as the information technology software company reawakened a market that had cooled in the aftermath of Facebook Inc's (FB.O) initial public offering. Shares of the San Diego, California-based company opened at $23.28, up $5.28, after pricing at $18, above the expected range. ServiceNow sold 11.65 million shares, raising $209.7 million. ServiceNow had intended to price shares in a range of $15 to $17. The company sold 9 million shares, while company founder Fred Luddy sold the remaining 2.65 million shares. In fiscal year 2011, ServiceNow revenue more than doubled to $92.6 million, and it posted a profit of $9.8 million after a loss of $29.7 million in 2010. ServiceNow's IPO is being underwritten by Morgan Stanley, Citigroup Inc, Deutsche Bank AG, Barclays, Credit Suisse, UBS AG, Pacific Crest Securities and Wells Fargo & Co. ServiceNow will use the proceeds for working capital and other general corporate purposes.

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