The financial markets took a pounding on Tuesday, and many Internet companies were among the biggest losers. That, however, didn’t stop the initial public offering of Engage, an online profile-driven marketing company, from having a dazzling debut.
Shares of Engage, which has Internet incubator CMGI as its primary shareholder, priced its IPO at $15 after an original range of $9 to $11. The IPO opened at $30 and just kept on climbing. The stock closed at $41 — a gain of 26 points and more than 173 percent — after trading as high as $47.
Even after the IPO, CMGI owns 80 percent of Engage, which could be a formidable competitor to leading Internet advertising company DoubleClick (Nasdaq: DCLK). Shares of DoubleClick, which reported a second-quarter loss of 13 cents that was in line with analysts’ expectations on Monday, closed down 7-3/16 to 87-5/8 on Tuesday.
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