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Agency.com, Andover.net Triple in Their Debuts
Wall Street's IPO frenzy intensified on Wednesday as a pair of new issues -- Agency.com (ACOM:Nasdaq) and Andover.net(ANDN Quote) -- tripled in price during their first day of trading.
Shares of Agency.com, an Internet consulting and advertising company, were up 52 3/4, or 203%, to 78 3/4 by midafternoon after trading as high as 98. (Agency.com ended up 50, or 194%, to 76.)
The New York-based company raised $153.4 million on the sale of 5.9 million shares at a price of $26. Those shares are now valued at more than $450 million. Goldman Sachs & Co. managed the deal. ...
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