Three new issues seemed to defy the law of gravity Thursday.
, which sells Internet services like consulting, engineering, and e-commerce Web site creation, more than doubled in afternoon trading.
, which produces customer service software, jumped 102%.
, an e-commerce health care information business, rose 72% in its first hours of trading.
By midafternoon Thursday, Organic was up 23 15/16, or 120%, to 43 15/16. (At closing Thursday, Organic was up 19 9/16, or 98%, to 39 15/16.)
Organic took in $110 million on the sale of 5.5 million shares with
as the lead underwriter. The stock went off Thursday at $20, considerably higher than the initial public offering range of $12-$14.
The San Francisco-based company boasts more than 250 clients, including
Barnes & Noble
The Home Depot
Organic's chairman, chief executive and co-founder, Jonathan Nelson, is building on his successful launch of
, for which he is also the chairman and co-founder. That stock is up more than fourfold since its initial public offering in July.
Nelson owns nearly 73% of Organic.
, an advertising firm, owns almost all the remaining shares besides the small float of shares to investors.
Shares of Witness Systems rose 20 1/2 to 40 1/2 by midafternoon. (At the close Thursday, Witness was up 18 7/16, or 92%, at 40 1/16.)
Witness culled $90 million from its offering of 5 million shares with lead underwriter
Hambrecht & Quist
. Witness also bumped its initial price up substantially, to $20 from a range of $12-$14.
The company, based in Alpharetta, Ga., offers software that allows companies to monitor their customer service personnel and give clients personalized assistance though software that matches desktop computer activity to voice response. Its software can record specific interactions by telephone, Web chat or email and sort them according to different criteria. Customers for their software include
Shares of Xcare.net rose 12 7/8 to 30 7/8 by midafternoon. (At the close Thursday, Xcare.net was up 12 1/2, or 69%, to 31 1/4.)
The company set its initial price range at $11-$13 but rode intense institutional demand to the price of $18. With lead underwriter Robertson Stephens, the Englewood, Colo.-based company raised $90 million on the sale of 5 million shares.
Xcare's customers include health care providers, payers, and suppliers like
American Medical Pathways
Advica Health Resources