Updated from 2:11 p.m. EST
Friday's high-flying initial public offerings rose sharply through the day, closed higher and left more money for investors than the underlying companies.
ended its first trading session up 175%, or 49, to 77, giving investors $171.5 million. The company, underwritten by
BancBoston Robertson Stephens
, took in $98 million for itself.
C-Bridge Internet Solutions
also guided by BancBoston Robertson Stephens, closed its first day up 150%, or 24, to 40, leaving $96.2 million for investors. The initial pricing garnered $64 million for the Internet software company.
Faced with a huge demand for new issues, companies have been seeking more money for themselves in their initial public offerings from a market that has been more of a fundraiser for investors.
Last week, for example, the offerings of
disproportionate amount of money for investors in rocketing IPOs.
BancBoston Robertson Stephens, in turn, bet on the momentum of the IPO market and increased the amount of money raised for the companies and itself.
OnDisplay, the San Ramon, Calif.-based company that offers software that makes existing computer applications Internet-ready, more than doubled its offering price to $28 a share from its expected initial range of $11 to $13 a share. On Wednesday, the range was raised to $22 to $24 a share.
Meanwhile, C-Bridge nearly doubled its initial offering price to $16 a share from an original $8 to $10 range.
The company, based in Cambridge, Mass., uses its software to lead businesses into e-commerce with opportunity analysis, and computer system development implementation and management.
Its customers include
It also has alliances with