Reliant Resources IPO Climbs

 

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.

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