Reliant Resources IPO Climbs

Energy

TSC Staff

05/01/01 - 01:04 PM EDT

Reliant Resources (RRI Quote), the Reliant Energy (REI Quote) spinoff, made a strong appearance in its first day of trading Tuesday.

The energy wholesaler was up $3.60, or 12%, to $33.60. Lead underwriter Goldman Sachs (GS Quote) priced 52 million shares at $30 each Monday night.

The deal is the second recent IPO of an energy-related company. Last week Aquila (ILA Quote) went public, and it has done well. It was priced at $24 a share, and on Tuesday it was trading at $31.06.

The successful energy offerings are expected to aid the slumping IPO ipo market, which was taken down when the tech companies that dominated it began falling apart last year.

Visit TheStreet for more great features

TheStreet Premium Services

From the action-oriented investing ideas of Action Alerts PLUS by Jim Cramer to the expert technical trading strategies of Helene Meisler's Top Stocks, TheStreet.com offers a range of premium services to help boost your portfolio's performance. View now.

Expert Advisors Alerts Delivered to your Inbox

Action Alerts PLUS: Cramer's personal portfolio, emails before he acts.

RealMoney: 70+ experts share their top investing ideas and analysis.

Stocks Under $10: Alerts identify undervalued stocks with profit potential.

FREE NEWSLETTERS

Get an edge on the market with the help of free email newsletters like Jim Cramer's Daily Booyah!. Learn about the day's major market events, companies that sizzled or fizzled and lots more that can help you make more profitable investing decisions. Sign up.