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Isilon Systems is having a very good start on Wall Street in its stock market debut.
The Seattle company, which provides digital storage to customers such as Kodak and News Corp.'s MySpace, has seen its stock skyrocket more than 75 percent this morning.
There's still a lot of trading to happen today, but it looks like the company is being very well received. After all, Isilon boosted its initial price from $8.50 per share to $13 per share last night. It is now trading around $22 per share.
I am sure there are some happy venture capitalists at Madrona Venture Group -- one of the earliest investors in Isilon -- and Sequoia Capital -- the Silicon Valley venture capital firm that looks to have scored another success in the aftermath of Google and YouTube. Isilon founder Sujal Patel also is set to do well in the offering.
Here's more from Reuters, which reports that shares rose as much as 110 percent in early trading. MarketWatch calls it "one of the year's strongest opens."
The Seattle area hasn't seen an IPO scorcher like this since the dot com days. Just as a comparison, Loudeye -- the digital media company that went public in March 2000 -- finished its first day of trading up 150 percent while Drugstore.com -- which went public in July 1999 -- finished up 180 percent.
If Isilon gets to those levels, we know something is out of whack. Stay tuned for more.
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Posted by Glenn Kelman at 12/15/06 9:35 a.m.
It seems like there is more intellectual property behind Isilon than other big-mover IPO's from the dot.com era. It isn't unreasonable to think that the amount of digital content the world has to store will grow, and that Isilon might have figured out a better way to store it.
Regards,
Glenn
Redfin