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Bret Busby
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Red Hat shares triple in IPO 
      By Stephen Shankland
      Staff Writer, CNET News.com
      August 11, 1999, 2:45 p.m. PT 

      update The initial public stock offering for Linux software maker Red Hat
exploded today as
      share prices tripled in value, closing at 52.06.

      Red Hat shares, trading under the symbol RHAT, were priced initially at 14
but quickly began to climb. The
      success of the first day gives the company a capital value of around $3
billion. By comparison, most
      recent IPOs have been rather tepid, with share prices rising only a few
dollars or sinking below the asking
      price. 

                              The company released 6 million shares under the
sale. The stock
                              offering was designed to raise between $60 million
and $72 million
                              to finance Red Hat's expanding operations. It has
instead rasied
                              about $84 million. 

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