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Hotel Industry News |
Thursday January 8th, 2009 |
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2 IPOs Priced to Perfection |
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The IPO market is sizzling hot. Yesterday steakhouse operator Texas Roadhouse (Nasdaq: TXRH) and biopharmaceutical Theravance (Nasdaq: THRX) priced at more than their offering prices and closed with large percentage gains. |
(And, trivia buffs, when was the last time two new offerings shared the same ticker letters?)
In July, restaurant IPOs stunk. Domino's Pizza (Nasdaq: DPZ) arrived cold and stale, with the stock closing down from its IPO price. McCormick & Schmick's (Nasdaq: MSSR) had to trim 4 million shares from its offering and sell the shares at $12 (after indicating $14 to $16 a share).
Roadhouse's 30% gain over the IPO price was as big as the company's portion sizes.
External Source - For the complete article click here
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