Switchboard, Inc. soared in its first day of trading, closing at 27, up 12. The e-commerce company’s 5.5 million shares began trading at $15. Underwriters FleetBoston Robertson Stephens Inc. and J.P. Morgan & Co have a 30-day option to purchase 825,000 additional shares. Switchboard’s Web site puts consumers looking to buy products and services together with companies that provide them.
Banyan Worldwide (Nasdaq: BNYN), Switchboard’s former parent, will continue to own about 41 percent of the company’s outstanding shares. CBS Corp. (NYSE: CBS) will own another 31 percent.
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