IPO shares of online advertising company The Rubicon Project jumped 38% on their first day of trading, a big-time reminder that the IPO market is alive and well.
The Los Angeles-based company’s shares rocketed $5.63 in early day trading, a strong reception given the rising concern that investors are starting to get their fill of initial public offerings.
Part of the massive first day pop is a function that the company’s offering price was ho-hum. Shares were priced for initial investors at $15 apiece, the low end of the expected price range of between $15 and $17 a share.
The stock started trading today under the symbol RUBI.