Instinet Rises on First Day of Trading After Strong IPO Pricing
TSC Staff
05/18/01 - 12:09 PM EDT
Electronic trading system
Instinet (INET Quote) opened well above its initial public offering price Friday, the company's first day of trading on the Nasdaq
.
Instinet, a unit of news and financial data company
Reuters (RTRSY Quote), opened at $17. The company sold 32 million shares, 2.5 million more than expected, at $14.50 each on Thursday.
Reuters will retain more than 86% of Instinet after offering about 14% of the company to the public. Instinet raised $464 million in the IPO.
Shares of Instinet recently gained $3.67, or 25.3%, to $18.17. About 21.4 million shares had changed hands by midday.
