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Orion raises $550M
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November 13, 2000: 7:14 p.m. ET
Power company prices 27.5M shares at top of range, Adolor at bottom
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NEW YORK (CNNfn) - Orion Power Holdings Inc. raised $550 million, pricing at the top of its expected initial public offering range Monday night.
Orion, which will trade Tuesday on the New York Stock Exchange as "ORN," sold 27.5 million shares at $20 each.
Analysts expected good things from this IPO, which is being led by top tier underwriter Goldman Sachs.
The Baltimore, Md.-based electric power generating company had revenues of $134 million in 1999 and lost more than $5.6 million.
It intends to use the proceeds for acquisitions, development projects and general corporate purposes.
Pain treatment pharmaceutical company Adolor Corp. priced 6 million shares at $15 per share, the bottom of its expected range, raising $90 million. The Malvern, Penn.-based company had increased its range by $3 back in September.
Adolor, led by Merrill Lynch, will trade Tuesday on the Nasdaq as "ADLR."
The company seeks to develop pain treatment products without the side effects of narcotics. 
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Orion Power
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