Talk about “pop.” ChannelAdvisor, the Morrisville-based provider of ecommerce services, went public today on the NYSE, setting a price of $14 per share on 5.75 million shares. Shares opened at $17.60 and quickly rose more than 30 percent, demonstrating plenty of “pop,” as the saying goes on the Street.
Shares finished the day up 32 percent to close at $18.44. Some 5.8 million shares were traded.
The high point for the day was $19.77.
Buyers sent shares as high as $18.98 moments after the New York Stock Exchange opened.
More than 1.7 million shares were traded in the first 40 minutes.
Late Wednesday, ChannelAdvisor disclosed that it had priced the shares.
The company expects to net $71 million after expenses from the IPO or some $82.2 million if the underwriters of the offering excerise options to purchase more than 860,000 shares.
Trading is scheduled to begin today on the NYSE under the symbol ECOM.
The company itself is offering all the shares, ChannelAdvisor said in a statement.
In April, ChannelAdvisor had said it hoped to raise as much as $86 million.
In preparing for the offering, ChannelAdvisor executed a reverse 1-to-16 stock split on May 9.
Underwriters have the option to purchase another 862,500 shares at the IPO price over the next 30 days.
An earlier report provides more details on the IPO.
The full SEC filing is available online.
(Note: Capitol Broadcasting, the corporate parent of WRALTechWire, is an investor in Southern Capitol.)
[CHANNELADVISOR ARCHIVE: Check out more than a decade of ChannelAdvisor stories as reported in WRAL Tech Wire.]
