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VMware, a subsidiary of EMC which focuses on virtualization solutions, has gotten off to a flying start on the New York Stock Exchange.
At the end of the first day's trading, VMware shares had reached a price of US$ 53 on Nasdaq, way above the issue price of US$ 29. The securities went up again on the second day's trading, peaking at over US$ 57.
EMC is only floating about ten percent of VMware's share capital and thus keeping the absolute majority. According to statements by EMC prior to going public, there are no plans to offer more shares.
EMC CEO Joe Tucci will be investing capitalization revenue in the subsidiary. VMware shares were extremely popular before going public. Chip giant Intel and network specialist Cisco both invested three figure million dollar sums in VMware.
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