Cyan shares bounce back in trading debut

  • NEW YORK, NY – MAY 9: Cyan, Inc. CEO Mark Floyd rings the Opening Bell at the New York Stock Exchange on May 9, 2013 in New York City. (Photo by Dario Cantatore/NYSE Euronext)

With the ring of a bell, Petaluma networking equipment maker Cyan completed its journey to Wall Street on Thursday, selling $88 million in stock in its initial public offering.

"It's a big day for the whole company, it really is," said CEO Mark Floyd, who rang the opening bell Thursday at the New York Stock Exchange with Cyan President Mike Hatfield and other executives from the 7-year-old Petaluma company.

"We're extremely positive. The idea of how Cyan has morphed — being in Petaluma, becoming a global networking company out of Petaluma, and really driving the global market changes — it's pretty cool to have your local company do well," Floyd said.

The company sold 8 million shares of stock priced at $11 a share. Its stock opened at $10.05 a share Thursday but bounced back to $11 within the first hour of trading and closed at $11.14. Its shares trade under the symbol CYNI.

The company, which has 44.5 million shares outstanding, was valued at $496 million at the end of the day.

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