It looks like the demand for the initial public offering of Bamboo.com (Nasdaq: BAMB) was pretty strong after all. Bamboo.com, 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 Bamboo.com 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 Bamboo.com’s lead underwriter, Prudential, has struggled with recent offerings. The Internet IPO market might just be starting to heat up again.