Medidata Solutions shares surge up to 29 percent above IPO value in first day of trading
By APThursday, June 25, 2009
Medidata Solutions shares surge on IPO
NEW YORK — Shares of software maker Medidata Solutions surged 29 percent beyond the company’s initial public offering value Thursday.
Early Thursday, the company priced an initial public offering of 6.3 million shares at $14 apiece, putting the value at $88.2 million. It is also giving underwriters the option to buy an additional 945,000 shares to cover overallotments. That would push the IPO value to $100 million.
The stock opened at $18 but settled to $16.70 in afternoon trading.
Citi and Credit Suisse Securities acted as joint bookrunning managers for the offering.
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