Salesforce.com completed its long-awaited initial public offering Wednesday, raising $110 million for the San Francisco company whose outspoken creator is credited with changing the dynamics of the low-end CRM market.Salesforce.com\u00a0completed its long-awaited initial public offering\u00a0Wednesday, raising $110 million\u00a0for the San Francisco company whose outspoken creator is credited with changing the dynamics of the low-end CRM market.Salesforce.com sells "software as a service," offering smaller companies monthly subscription pricing to outfit their employees with sales and customer service systems that were traditionally used only by large organizations able to handle the expense and complexity of such software. Along with rivals such as NetSuite\u00a0and Salesnet, Salesforce.com proved such strong customer demand for its software that CRM leader Siebel Systems had to take notice, creating its own hosted subscription offering last year.Headed by Marc Benioff, a vocal chief executive with a penchant for splashy marketing, Salesforce.com is also a closely watched company on Wall Street. Many analysts see its IPO as a bellwether of investor demand for shares in new technology companies.Judging by early results, investors are enthusiastic. The company raised its offering range, initially set at $7.50 to $8.50, then priced above that range, at $11. In early afternoon trading Wednesday, shares were up 40%, trading on the New York Stock Exchange at $15.34. The stock ended the day at $17.20, up 56%.Salesforce.com plans to use the proceeds from its offering for general corporate purposes. It previously held cash and cash equivalents of $43.7 million, and was just barely operating in the black. For the fiscal year ended Jan. 31, the company posted a profit of $3.5 million on revenue of $96 million -- slightly shy of the $100 million Benioff forecast for the year. In its most recent quarter, Salesforce.com had net income of $437,000 on revenue of $34.8 million.Benioff is a controversial figure for his unabashed evangelism and competitiveness, traits that have helped Salesforce.com raise both its own profile and that of the still-small hosted CRM market. Last quarter, the company spent $2.1 million on research and development, and $20.4 million on marketing and sales.Salesforce.com's IPO comes a few months later than originally intended. The company first hit a delay when the U.S. Securities and Exchange Commission asked it to rework some of its accounting, then hit a second obstacle when Benioff granted a wide ranging interview to a New York Times reporter, a potential violation of rules barring company executives from hyping an upcoming IPO. Salesforce.com delayed its offering to allow for a "cooling off" period after the interview.