Two issues debuting Thursday received disparate greetings when their shares opened for public trading.
, a seller of golf and tennis gear, priced an initial public offering of 6 million shares at $11.50 each, but investors apparently felt that was a bit on the high side. Golfsmith's stock was lately down 19 cents at $11.31.
Another new issue, medical-device maker
, was having more success, rising nearly 15% after pricing 6.8 million shares at $8 each. However, the initial sale price was below the $10 to $12 a share Volcano had been hoping to fetch. The shares were recently up $1.19 to $9.19.
Golfsmith granted its underwriters an option to buy up to 900,000 additional shares to cover overallotments. Volcano's underwriters have an option for 1.02 million extra shares. Merrill Lynch, JPMorgan and Lazard managed Golfsmith's offering. JPMorgan, Piper Jaffray, Bear Stearns and Cowen handled Volcano's IPO.
Golfsmith, based in Austin, Texas, traces its roots to 1967. The company has more than 50 retail stores and also sells products on the Internet.
Volcano, Rancho Cordova, Calif., was founded in 2000. The company makes ultrasound and measurement equipment used in diagnosing and treating vascular and structural heart disease.