US firms price listings as market shows life

City A.M. Reporter
SOFTWARE security company Palo Alto Networks, online travel service Kayak Software and legendary guitar maker Fender yesterday set the expected price ranges for their initial public offerings, prodded by a successful debut by IT software company ServiceNow.

Palo Alto Networks expects to sell 6.2m shares between $34-$37 each. At the high end of the price range, that would value it at $2.4bn. Kayak expects to sell 3.5m shares from $22-$25 each. At the high end of its range, Kayak is expected to be valued at $964m. Fender expects to raise as much as $160.5m, valuing it at about $395m.