The tech IPO market is going through a minor renaissance. This is another encouraging foundation step.

The door has been pried open for tech stocks, but it's not a welcome. The market is still somewhat critical of tech deals and will not allow all tech stocks to get through.

The market is not going to be so tolerant of this particular offering if it is perceived that there won't be any growth.

In a market that has been void of quality offerings with quality names attached this will be welcome.

This is a very encouraging first step.

You really have a two-tier market with tech stocks going down and everything else going up. Part of this is because valuations in technology stocks got overdone this year and, at the same time, the Dow hadn't performed and now they look cheap.