Golf Galaxy Hits the Sweet Spot

The company's shares climb on its first day of trading.
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Golf Galaxy

(GGXY)

has started its life as a public company in fine fashion Friday, as its shares climbed sharply on their first day of trading.

The Eden Prairie, Minn., seller of golf goods priced an initial public offering of 3.95 million shares at $14 each. Golfers love to spend money, so perhaps not surprisingly, the stock opened at $17, traded as high as $19.27, and recently changed hands at $18.90, up 35%

Golf Galaxy granted the underwriters an option to purchase up to an additional 592,500 shares to cover any overallotments. Piper Jaffray, William Blair & Co., A.G. Edwards and Wedbush Morgan Securities were listed as the underwriters.

The company currently operates 45 stores in 19 states, and a Web site.