NEW YORK (
) -- Shares of
LPL Investment Holdings
rose more than 7% on its first day of trading after raising $470 million through the sale of shares.
LPL's stock debuted on the Nasdaq Stock Market at $33.05, after pricing at $30 a share and on the same day that
IPO hit the New York Stock Exchange. GM is the largest IPO in U.S. history in which it raised just over $20 billion, beating out the previous record holder,
Shares of the Boston-based investment services firm rose as much as 12.8% during Thursday's trading day. The stock closed up 7.2% to $32.15.
LPL, owned by private equity firms TPG Capital and Hellman & Friedman, sold 15.66 million shares at $30 each yesterday, according to
. The firm has said it plans to use the offering's proceeds to pay off debt,
Securities and Exchange Commission
TPG and Hellman & Friedman each owned 36% of LPL.
A day earlier,
Booz Allen Hamilton Holding Corp.
, which was acquired by Carlyle Group in 2008, raised $238 million in an initial public offering,
One other IPO isn't getting quite the interest it expected, industry observers say.
reported on Thursday that pricing for the IPO of casino-operator Harrah's Entertainment is likely to be delayed until Monday.
According to reports, the underwriters for Harrah's (which is changing its name to Caesars Entertainment Corp.) are trying to gauge an appropriate price for the casino operator. It is set to price between $15 and $17 a share.
Harrah's was acquired by Apollo Management and TPG in early 2008 for $31 billion. The company has experienced further decline in its financial position since then, a
-- Written by Laurie Kulikowski in New York.
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