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Two initial public offerings opened to strong demand on Friday, capping off what will be the busiest week for public offerings since April.
Kayak Software, which previously aimed to price its offering between $22 and $25 a share, set its IPO at $26 on Thursday night, and opened higher by roughly 20 percent on Friday. Palo Alto Networks priced at $42, above its expected range, which had been upped earlier this week — and opened to a rally of more than 30 percent.
Guitar-maker Fender Musical Instruments was expected to round out the group with a pricing Thursday night but instead withdrew its IPO, citing market conditions.
"Current market conditions and concerns about economic conditions in Europe do not support completing an initial public offering at what we believe to be an appropriate valuation at this time," Fender CEO Larry E. Thomas said in a statement.
Still, the Kayak and Palo Alto pricings — both of which priced above range — represent an uptick in activity following a two-month impasse in the IPO market, a stall that came immediate after the massive Facebook offering , which raised concerns about the health of the exchanges and IPO process amid a weak macroeconomic landscape.
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