Category: Companies / March 28, 2014 5:42 PM EDT
David Flynn, cheif executive officer at Aerohive Networks, celebrated the company's IPO by ringing the closing bell at the New York Stock Exchange on Friday, March 28. Aerohive Networks, a Silicon Valley-based controller-less Wi-Fi and cloud-managed mobile networking provider, began trading Friday under the ticker symbol (NYSE: HIVE).The company announced on Thursday the pricing of its initial public offering of 7.5 million shares of its common stock at a price to the public of $10 per share. In addition, Aerohive has granted the underwriters a 30-day option to purchase up to 1,125,000 additional shares of common stock from Aerohive at the initial public offering price. Although Aerohive Networks dropped more than 9 percent on Friday, the stock later recovered to close at $10.