Hoover’s Inc. Shares Nearly Double
AUSTIN (AP) _ Shares of business information provider Hoover’s Inc. nearly doubled in their first day of trading Wednesday.
Hoover’s priced the initial public offering of 3.25 million shares of common stock at $14 per share, raising $45.5 million.
Shares started trading Wednesday on Nasdaq Stock Market at $26. After reaching a high of $33, shares tumbled somewhat and were trading at $26.12 1/2 in the afternoon.
The IPO comes amid some weakness in Internet stocks in recent weeks, though shares of Internet advertising company Engage.com soared 173 percent in its debut Tuesday.
Hoover’s provides business information on the Internet through a database of more than 14,000 public and private businesses and institutions.