Another Redwood City Company's IPO Goes Golden

The Redwood City-San Mateo County Chamber of Commerce couldn't be happier that a second of its members' IPO debut has outpaced demand.

Model N, an enterprise software company with its headquarters at 1800 Bridge Parkway in Redwood City, debuted on the stock market Wednesday morning, and outperformed what both the company itself and stock analysts expected, the Silicon Valley Business Journal reported.

About 6.7 million shares were reportedly sold, raising the company about $100 million. The shares sold at $15.50 per share Tuesday, above the $1.50 to $14.40 target range the company reportedly expected. On Wednesday, within minutes of the company's trading debut, the stock reached its peak of $20.87.

"Congratulations go out to Model N on your great IPO success this week," said Amy Buckmaster, the Chamber's new president and CEO, in a statement Thursday. "On behalf of the Chamber, we wish Model N continued success, and thank you for making Redwood City your business home!"

Model N is a provider of revenue management solutions for the life science and technology industries. Among its customers are Johnson & Johnson, Dell, Nikia and VMWare.

All in all, Model N's stock is reportedly up 35 percent.

What do you think of the recent success of Redwood City companies and their IPOs? Tell us in the comments below.

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