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IPO Watch: Offerings Rake in $890 Million

NEW YORK (TheStreet) -- There was a rush of initial public offerings this week, as companies look to close deals before Thanksgiving.

The hoopla surrounding the offerings were mixed for the five companies that came to market. In total, the IPOs raised $889.5 million this week.

Archipelago Learning (ARCL) raised $103.1 million in its initial public offering, after 6.3 million shares priced at $16.50, near the high end of estimates. The company expected the stock to price between $15 and $17 each.

Shares of the company, which provides Web-based educational testing and study aid to students in kindergarten through 12th grade, are spiking 13.8% to $18.77 in morning trading.

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Another bright spot was 7 Days (SVN), a discount lodging chain, which priced 10.1 million shares at $11 each, the high-range of expectations. The company expected to price between $9 and $11 a share.

As a result, shares are jumping 18% to $12.93 on its debut on the New York Stock Exchange.

7 Days plans to use the $111.1 million in proceeds from the sale to pay down debt and fund working capital. It will also build more locations and renovate others.

Fortinet (FTNT) was the most successful IPO this week, and actually ranks as the fourth best U.S. debut of 2009.

Stock quotes in this article: ARCL, CLD, FTNT, SVN, GTEC 

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