The stock in New York City-based DoubleClick Inc. jumped more than 80% Friday after the company kicked off its initial public offering.
The stock, which was priced at $17, rose as high as $31.75 before ending up 57.35% at $26.75 on Nasdaq. Some 6.27 million shares changed hands during the day.
DoubleClick sold 3.5 million shares, or a stake of about 20% in the company, and raised $60 million–nearly double the amount it expected when it first filed to go public last December.
Despite DoubleClick’s lack of profits and slim revenues, the offering has been one of the most talked-about IPO deals this year, with investors looking to the potentially hot industry of Internet advertising.
DoubleClick said it planned to use net proceeds of the offering for general corporate purposes, including working capital, and for the expansion of its international operations and sales and marketing capabilities.
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