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VMware Inc (NYSE: VMW), the server virtualization software company that EMC Corporation (NYSE: EMC) is selling a chuck of to the public, received a welcome reception from the investment community last night.The tech offering was priced at $29, at the upper end of its price range of $27 to $29 -- which was raised from an initial price range of $23 to $25. The offering was oversubscribed by 25 times, according to news reports.
Technology-land has been without a catalyst for a while. Often tech bull markets start off with a successful IPO that piques investors' interest. Since private equity will not be driving stocks prices higher, look for IPOs, share buybacks and big dividend increases to continue to drive stock prices higher.
Twenty-five times oversubscribed suggests investors are beginning to get hungry for tech again. This has not happened in the sector in a quite a long time.
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