Reliant Resources IPO Climbs
Energy companies like Reliant are helping revive the IPO market.
Energy companies like Reliant are helping revive the IPO market.
Reliant Resources
(RRI)
, the
Reliant Energy
(REI) - Get Report
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) - Get Report
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) 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 market, which was taken down when the tech companies that dominated it began falling apart last year.
