Fleetmatics Jumps on IPO Day
Today’s New York Stock Exchange Opening Bell was rung by Fleetmatics (NYSE:FLTX) Chief Executive Jim Travers and members of his executive management team as they celebrated their company’s initial public offering.
Fleetmatics, a world leader in cloud-based mobile software used by small and mid-sized businesses to manage and track commercial vehicle fleets, has good reason to celebrate: its 7.8 million-share IPO, initially priced at $17 per share, opened at $22.95 per share.
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Shares are currently up 32 percent, trading at $22.47 per share.
One must believe the successful IPO has the attention of major competitors Trimble Navigation (NASDAQ:TRMB) and privately-held Teletrac.
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