ValueClick, Inc. edged higher Friday, its first day of trading, making it one of the few Internet issues to gain ground that day. The stock rose 1 15/16 to 20.
Still, some observers thought the shares would go higher. Underwriters Goldman, Sachs & Co. had increased the price range ahead of the deal, which is usually a sign of strong demand, said Jeff Hirschkorn, senior analyst at IPO.com. “The market conditions are really rocky” right now for Internet-related IPOs, he said. “If this was six months earlier, ValueClick would have been a real steady performer.”
The Carpenteria, California-based company sold 4 million common shares at $19 each through Goldman, Sachs & Co. Proceeds will be used for expanding sales and marketing activities, improving technology, and possibly for acquisitions and international expansion.
ValueClick is an Internet advertising company that focuses on the “cost-per-click,” or CPC model, in which the advertiser pays only when a reader clicks on its banner advertisement.