HealthStream, Inc. (Nasdaq: HSTM) fell 1/2 to 8 1/2 Tuesday, its first day of trading, another victim of a weak market for Internet IPOs.
The Nashville, Tennessee-based Internet healthcare company had cut the price for its planned 5 million-share initial public offering to $9 a share from an originally estimated $11 to $13. The shares were sold through FleetBoston Robertson Stephens, Inc., CIBC World Markets Corp., J.C. Bradford & Co. and E*Offering Corp.
HealthStream said it plans to use proceeds from the IPO for “general corporate purposes,” including working capital and possible acquisitions.
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