March 21, 2013- Model N Inc. (MODN) shares rose impressively by forty four percent Wednesday, making the company’s debut on a major stock exchange extremely noteworthy.
The corporation saw its market value rise to nearly one half billion dollars, due primarily to the fact that the business software maker’s stranglehold on the pharmaceutical industry has made it immensely attractive to bullish investors everywhere.
The Redwood City, California-based company had priced its initial offering of six million seven hundred thousand shares at $15.50, hoping to raise one hundred three million nine hundred thousand dollars. It did that with little difficulty.
In fact, Model N Inc. which provides revenue management software for life science and technology companies that help manage pricing, deals, contracts and rebates actually had the value of its stock rise by four percent in very active trading to a closing figure of $21.15.
Four million one hundred thousand shares were bought and sold by motivated investors anxious to be part of the trading action.
Model N Inc. has an impressive roster of clients that include such major organizations as Johnson & Johnson, Dell Inc., Boston Scientific Corporation and more.