Limelight Networks, the content delivery network that has an emphasis on digital media, began trading today on NASDAQ. See original mention of the Limelight IPO here.
Limelight sold 16 million shares of common stock fo $15, raising $240 million, and closed up at $22.18 per share. Though Limelight lost $3.71 million last year on $64.3 million in revenue, Limelight has seen good growth this year with the increase of video-sharing networks. Biggest rival Akamai has seen an increase in stock price today as well, rising $3.37 to close at $45.60 per share. Though Limelight is facing legal woes against Akamai for proprietary content issues, content delivery networks prove to be in demand and support for Limelight ensues.
Other rivals include Level 3 and Vitalstream, which are both looking to provide more content delivery options for clients. Smart move, considering the rapid growth of user-generated content across various formats, and the continued merging of traditional and new media.