To no one’s surprise, another business-to-business (B2B) initial public offering got off to a strong start on Tuesday.
Shares of Chordiant Software (Nasdaq: CHRD), which makes customer relationship management software for e-commerce businesses, closed up 21-7/16 to 39-7/16 on the stock’s first day of trading. Pre-IPO demand was high, with Chordiant pricing 4.5 million shares at $18 — above the revised range of $14 to $16 and more than twice the low end of the original range of $8 to $10.
Chordiant’s software allows businesses to manage customer interaction and business transactions across the Web, e-mail and telephones. Its customers include Thomas Cook Global Services, First USA and Canadian Tire.
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