Axent shares rise 34% on first day of tradingShares of...

Maryland Watch

April 25, 1996

Axent shares rise 34% on first day of trading

Shares of Axent Technologies Inc., a Rockville-based company that designs and sells security software for computer networks, rose 34 percent yesterday in their first day of trading.

Axent stock rose $4.75 to $18.75 in trading of 3.7 million shares.

The company raised $36.4 million by selling 2.6 million shares at $14 per share in the initial public offering. Analysts said the immediate demand for the stock was driven by investor interest in an expanding market for security as computer networks expand.

The company is trading on the Nasdaq under the symbol AXNT. Merrill Lynch & Co., Cowen & Co. and Volpe, Welty & Co. were the underwriters for the IPO.

Axent said it plans to use proceeds from the sale for working capital, developing new technologies to add to its product line, and for potential acquisitions.

The company has about 150 clients for its OmniGuard software, which keeps data confidential, controls user access and detects network intruders. It has a global clientele, including several Fortune 1,000 companies and government agencies.

Pub Date: 4/25/96

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