Stock Watch: IPO Soars

It looks like the demand for the initial public offering of (Nasdaq: BAMB) was pretty strong after all., which offers online tours of real estate, priced its IPO at $7, well below the original proposed range of $10 to $12. In addition, the offering size was raised from five million shares to four million.

This might seem like the makings of a lackluster IPO, but stock soared after it began trading on Thursday. The stock closed up 10-9/16 to 17-9/16, a gain of nearly 151 percent. Trading was brisk, with more than 24 million shares changing hands.

This first-day performance had to be a pleasant surprise for many investors, especially when you consider that’s lead underwriter, Prudential, has struggled with recent offerings. The Internet IPO market might just be starting to heat up again.

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