Zipcar zooms 56% higher in IPO |
| MarketWatch - Apr 14, 2011 |
Zipcar Inc. shares shot 56% higher in their stock-market debut on Thursday, marking the latest splash in what is already shaping up to be a strong year for IPOs.
Zipcar’s newly minted shares /quotes/comstock/15*!zip/quotes/nls/zip (ZIP 27.85, -0.15, -0.54%) closed up $10 at $28.
Late Wednesday, Zipcar had priced its initial public offering at $18 — above the previously expected range of $14 to $16 a share — to raise more than $170 million.
About 9.68 million shares were sold in the offering, which was underwritten by Goldman Sachs Group Inc. and J.P. Morgan Chase & Co.
Zipcar is one of many companies going public in a resurgent year for public offerings. According to a report this week from Hoover’s Inc., 28 companies went public in the first quarter, raising $12 billion in market capitalization. That’s more than twice the $4.5 billion raised through IPOs in the first three months of 2010.
Read Full Article from MarketWatch
- Posted: 2011-04-14 15:00:07
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