I-many (Nasdaq: IMNY) gained 3 31/64 in its debut session Thursday, closing at 12 31/64.
The Portland, Maine-based e-business software company sold 7.5 million shares through a group of underwriters led by FleetBoston Robertson Stephens. Proceeds from the IPO will be used for general corporate purposes, the company said.
I-many had the good fortune to make its debut on a day when Nasdaq stocks generally rose amid optimism about technology companies’ quarterly results. The company, however, entered the market at the bottom of its anticipated price range of $9 to $11 a share.