Stock Watch: IPO Market Warms to Corio

Corio, Inc. (Nasdaq: CRIO) gained 5 11/16 in its first day of trading Friday, closing at 19 11/16. The San Carlos, California-based application service provider sold 14 million shares in an initial public offering, raising $140 million.

Corio, which originally planned to sell its shares for $11 to $13 apiece, first filed for the IPO in April, and lost $45,000 in 1999 on revenue of $5,782. The company plans to use proceeds from the IPO to repay debt and for general corporate purposes, including possible acquisitions.

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