SolarWinds breaks IPO drought

Austin, Texas-based SolarWinds (NYSE:SWI) held its initial public offering today of 12.1 million shares priced at $12.50 per share to raise $151.5 million, breaking a depressed IPO drought.

Global cleantech IPOs essentially dropped to zero in the first quarter of 2009. The Cleantech Group recorded only four inconsequential, small IPOs on secondary exchanges, totaling $8.1 million in raised proceeds (see the Cleantech Group’s 1Q09 investment monitor).

SolarWinds’ shares began trading on the New York Stock Exchange today, under the ticker symbol "SWI," over a year after the company filed for a proposed $250 million IPO of its common stock with the Securities and Exchange Commission in March 2008.

Shares were up 10 percent, or $1.25, at the close of trading today to $13.75. The shares had an intraday high of $15.16 and a low of $13.55.

SolarWinds partnered with Cisco Systems (Nasdaq:CSCO) on Cisco's EnergyWise technology for catalyst switches to measure and reduce the energy use of IP-connected device such as phones and computers (see Cisco chases billion-dollar smart grid dreams).

SolarWinds, incorporated in Oklahoma in 1999, provides network management software to 80,000 customers worldwide—from Fortune 500 enterprises to small businesses. SolarWinds’ software offerings include fault and performance management products, configuration and compliance products and a wide range of software tools for network professionals.

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