Online-backup provider Carbonite priced its initial public offering last night, despite the turmoil in the financial markets. And yes, it priced at $10 per share — on the low end of its expectations, which were downgraded Wednesday from a high of $17 — but it did make it out. This morning, it opened up at 10.93 per share and by 1 pm ET it was at $11.99, indicating that while the financial buyers of its shares were cautious, the public market still seemed eager to snap up stock in an IPO amid what appears to be an overall market rally.
After S&P downgraded the U.S. debt, the stock markets took a dive on Monday, with some newly public companies getting hammered. At least five other hopefuls have pulled their own public offerings. So now Carbonite is out — although it arrvives in an uncertain public market after raising 40 percent less than it originally hoped for. But at least it’s out, seems to be the message CEO David Friend had to share in this Street.com video. At least it has some capital to ride out a recession and can maybe use its stock for deals.