Plumtree Breaks Even On First Trading Day

Plumtree Software

"We're definitely going to call it a victory," said Greg Wharton, Plumtree's general counsel. "In the current environment, it's an achievement."

The company raised $43 million Monday with the sale of 5 million shares through underwriter Goldman Sachs. Plumtree shares traded at a high Tuesday of $9.96 and at a low of $8.49 on a trading volume of 5.8 million shares.

Wharton said the company views the initial public offering as an achievement, particularly in a rocky marketplace, because taking the company public gives Plumtree more visibility and more credibility in a skeptical environment.

"Customers are more comfortable having a public company with transparent financials," said Wharton. "It allows the market to judge us more on our technology and eliminates the questions about viability."

Wharton said that all in all, breaking even is a good first day for Plumtree on Wall Street.

"We're out of the era of instant premiums," said Wharton. "We are just going to have to work hard for it, and that's always been consistent with the ethics of this company."