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Mercury NewsShares of Sunnyvale Internet security company Fortinet soared more than 30 percent Wednesday in its first day of trading on the Nasdaq, raising hopes that long-dormant Silicon Valley public offerings may be stirring back to life.

It was the first public offering in 20 months for a tech company with a Silicon Valley address, and the reception may encourage other valley startups to follow suit in coming months.

"This is what investors have been waiting for," said Bob McCooey, Nasdaq vice president of new listings.

Silicon Valley IPO: Fortinet shares soar on first day of trading