Shares in online financial news and commentary provider TheStreet.com Inc soared yesterday on their Nasdaq debut following the company’s initial public offering. The New York- based company sold 5.5 million shares at $19 each and then watched the issue open the session at $61 and more than triple in value to $71.25, before closing the day at $60 – a net gain of nearly 216%. Volume was a healthy 13.5 million shares, making it the sixth most active stock in addition to being the most advanced.
In response to strong demand, the company boosted the pricing range for the sale to $17 to $19 a share from an earlier range of $11 to $13. All of the shares were sold by the company through an underwriting group managed by Goldman, Sachs & Co, Hambrecht & Quist LLC and Thomas Weisel Partners LLC. They are trading on the Nasdaq National Market under the ticker symbol TSCM.
