2006-05-25 16:20 (New York)
"May 25 (Bloomberg) -- Shares of MasterCard Inc., whose
initial public offering raised less than its backers had hoped,
soared as much as 18 percent in the first day of trading.
MasterCard rose $7 to $46 in New York Stock Exchange
composite trading. The world's No. 2 credit-card company raised
$2.39 billion in yesterday's IPO and priced its shares at $39
each, a dollar less than its minimum forecast.
``We've seen some choppiness in the market in the last few
weeks, and ultimately the market decides what a company is
worth,'' said Robert Selander, chief executive officer of
MasterCard, in an interview. ``So we decided we'd go with a price
where the market said it should be.''
The market for IPOs, which has been running at its fastest
pace in six years, stumbled yesterday when shares of Vonage
Holdings Corp., the money-losing Internet phone company, dropped
13 percent. It was the worst debut for an initial share sale in
six months, and the stock fell another 12 percent this afternoon.
CMC Markets Plc, a London-based foreign-exchange broker, and
Alsea SA, which owns the Mexican franchise rights for Domino's
Pizza, postponed their offerings today because of falling equity
markets."
No comments:
Post a Comment