Instinet Rises on First Day of Trading After Strong IPO Pricing

 

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 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.

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