AvantGo's IPO a Big Success

On Tuesday, AvantGo (AVGO) sold 5.5 million shares at $12 each, $1 above the originally predicted $9 to $11 price range. They raised $66 million, which they intend to use for more marketing efforts and to continue the company's growth. Since its debut, the stock has been as high as $27.75 and opened the day on Thursday at $20.

This capped a month marked by strong rises in Palm-related stocks. Since August 24, shares of Handspring have jumped 100% and shares of Palm have shot up 38%. Much of Handspring's increase can be credited to CIBC Oppenheimer analyst Thomas Sepenzis, who rated it a "strong buy" with a price target of $70. He rates Palm a "buy" with a target of $65.

AvantGo had revenue of $3.8 million last quarter with losses of $11.5 million. During the same quarter last year, they had losses of $2.7 million on $0.9 million in revenue.