The initial public offering of Centra Software (Nasdaq: CTRA) which develops applications to facilitate live business collaboration online, got off to a solid start on Thursday. The stock gained 19-1/4 to 33-1/4, a rise of 137.5 percent. Centra stock opened at 35 and climbed to 37-3/8 before giving back some of its gains. Volume was brisk, with more than 11.4 shares changing hands.
Pre-IPO demand was high, and Centra priced five million shares at $14, up from a revised price range of $10 to $12 and the original range of $8 to $10. One reason for the interest in this offering is Centra’s customer base. Centra is a company that helps some of the world’s top communications companies communicate. Its customers include MCI WorldCom and Nortel Networks.