A Palo Alto tech company blasted out of obscurity Tuesday as its stock price soared following an initial public offering on the New York Stock Exchange.
Stock of VMware, a virtualization software and service provider, climbed from $29 Tuesday morning to nearly $59 by Wednesday afternoon.
The employees celebrated the Tuesday IPO with champagne at the company's Hillview Avenue headquarters, according to the San Jose Mercury News.
VMware, founded in 1998, has about 3,000 employees worldwide. Its products and services enable one server to function as multiple servers, saving costs, according to a company statement.
The company's opening day surpassed Google's 2004 IPO and elevated it into the largest echelon of Silicon Valley software companies, according to the Mercury News.
The stock trades under the symbol "VMW."