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PayPal Gets Its Pop
Shares of Internet payment service firm PayPal (PYPL Quote) were rising more than 49% in their debut of trading Friday.
After being delayed more than a week, PayPal priced 5.4 million shares at $13, the middle of its $12 to $14 range, in an initial public offering Friday. Salomon Smith Barney led the deal, which raised $70.2 million.
In recent trading, the stock was up $6.41 to $19.45. This performance compares to an average 6% gain for Internet service and software stocks on their first day of trading in 2001, and an increase of 76% in 2000. ...
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