Compaq wasn't a penny stock either. It may have dipped low at some point in it's history.
"Priced at $15 to $18 a share, the public offering should bring the company between $90 million and $108 million,"
I think the question was about stocks that started out as penny stocks, turning into large, legit businesses.
Some of those examples include companies that had trouble and share price dipped into "penny stock" price zones, which has a loose definition. Some people regard below $5 as penny stock.