NEW YORK (Dow Jones) - Limelight Networks rallied and Yingli Green debuted as the latest solar deal from China as the IPOs marked the end of a mini-flurry of technology-flavored debuts this week.
The IPOs are following on the heels of a 50% opening pop from Infinera (NASDAQ-SMALL:INFN) (INFN) on Thursday, even as the overall market swooned. Starent Networks (NASDAQ-NMS:STAR) (STAR) also rose 20% in its first day of trades.
Infera's performance landed at No. 6 in year-to-date gains in the U.S. IPO market.
FCStone Group Inc. (NASDAQ-NMS:FCSX) (FCSX) leads 2007's crop of initial public offerings in the U.S. with a year-to-date gain of 89% as of Thursday's close.
It's followed by a 78% gain from Aruba Networks (NASDAQ-NMS:ARUN) (ARUN) , a 77% rise for Acorn International (NYSE:ATV) (ATV) , a 63% increase by Targa Resources Partners LP (NASDAQ-NMS:NGLS) (NGLS) , a 57% jump by JA Solar Holdings (JAS) and a rise of 51.6% from Infera Corp. [s: infn], which held its IPO on Thursday.
Despite interest rate and other jitters in the market, investor appetite for IPOs remains healthy amid a 6.4% year-to-date gain of the Dow Jones Industrial Average (DJI) and a 5.2% rise so far this year by the Nasdaq (RIXF) .
A total of 126 initial public offerings have debuted so far in the U.S., raising combined proceeds of $23.7 billion as of Thursday's close, according to Dealogic. In the year-ago period, 102 IPOs raised $21 billion. The average first-day gain fell to 6.8%, from 8.2% in the year-ago period.
Limelight rallies in debut
Limelight Networks (NASDAQ-SMALL:LLNW) (LLNW) priced 16 million shares at $15, well above its $10- $12 range, for its stock market debut on Friday. The stock opened at $23 and fell to $21.81 for a gain of 45% over its offering price.
The tech firm raised $240 million by offering 16 million shares with underwriter Goldman Sachs.
Renaissance Capital lauded the firm for its role in supporting rich media content Web sites like YouTube and MySpace.
Wall Street has taken a shine to networking stocks in the IPO market, with shares of Riverbed Technology (NASDAQ-NMS:RVBD) (RVBD) , Aruba Networks (NASDAQ-NMS:ARUN) (ARUN) and others posting strong gains.
Yingli Green falls from discounted price
Yingli Green Energypriced 29 million American depositary receipts at $11, raising $319 million in its initial public offering. The stock opened at $10.80 and fell to $10.58 in the open market.
The China-based solar panel company priced its IPO at the low end of its $11-$ 13 range.
It's the latest in a series of Chinese solar IPOs including JA Solar (NASDAQ-NMS:JASO) (JASO) , LDK Solar (NYSE:LDK) (LDK) , China Sunergy (NASDAQ-NMS:CSUN) (CSUN) , Solarfun Holdings (SOLF) and Suntech Power (NYSE:STP) (STP) .
Michael Carboy, managing director of Signal Hill, said Wall Street has been receptive to sun power in the face of strong product demand, but he noted he's also noticed some "sloppiness in the market for undifferentiated solar plays."
Carboy said his top pick remains SunPower Corp. (NASDAQ-NMS:SPWR) (SPWR) for its strong management, and unique position in the installation market.
Einstein Noah IPO prices below range
Einstein Noah Restaurant Group (BAGL) priced 5 million shares at $18, below its $19-$21 range, for its stock market debut. The deal opened at $18.05 and edged down to $18.
The Golden, Colo. operator of Einstein Bros. Bagels and other food businesses raised $90 million by offering 5 million shares with underwriters Morgan Stanley and Cowen and Company.
FBR Capital Markets IPO gains
FBR Capital Markets Co. (FBCM) priced 12 million shares at $17 a share, raising $211 million in its IPO. The stock opened at $18 and rose to $18.15.
The capital markets carve-out from Friedman Billings Ramsey (NYSE:FBR) (FBR) priced in the middle of its $16-$18 price range for its stock market debut on the Nasdaq.
(END) Dow Jones Newswires 06-08-07 1623 Copyright (c) 2007 Dow Jones & Company, Inc.
