New LV stock rises 118 percent
Wednesday, Sept. 15, 1999 | 11:26 a.m.
Las Vegas-based PurchasePro.com Inc. enjoyed a big debut Tuesday on Wall Street, as investor interest in Internet commerce caused its stock to more than double on its first day.
PurchasePro closed Tuesday at $26.13, up 118 percent from its initial public offering price of $12, in extremely heavy trading. The company's underwriter, Prudential Securities, sold 4 million shares, raising $48 million. The stock rose as high as $30.50 shortly after its shares first hit the market.
As of Tuesday's close, PurchasePro had a market capitalization of $495 million.
The PurchasePro IPO gave company founder Charles Johnson Jr. a considerable nest egg, at least on paper. As of Tuesday's close, Johnson's stake carried a market value of $127.5 million.
PurchasePro builds electronic marketplaces designed to efficiently bring together businesses and suppliers.
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