Red Hat celebrates its 10-year IPO anniversary
Ten years ago today on August 11, 1999, Red Hat saw its shares triple in an initial public offering that ushered in a new era of commercial open-source prosperity.
Iain Gray, then a Sun employee and now Red Hat's vice president of Global Support, writes nostalgically: "I remember sitting in the Sun office in UK watching the stock sky-rocket thinking the world had gone mad."
Indeed it had. Soon Red Hat's stock was to plummet to earth but not before the company learned a valuable lesson: there must be more than hype to make open source grow.
Red Hat's S-1, the document filed with the Securities and Exchange Commission registering its intent to sell its shares on the public market, was filled with desire to use the IPO cash to improve its brand, expand professional services, and to improve its website to "create the definitive online destination for the open source community."
Very little attention was paid to the nuts and bolts of actually making money.
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