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Resources IPO prices low
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December 14, 2000: 6:39 p.m. ET
Former Deloitte consulting unit raises $78M, sells 6.5M shares at $12
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NEW YORK (CNNfn) - Resources Connection Inc., the last IPO this week, managed to get its deal off the ground by pricing at the low end.
Resources Connection sold 6.5 million shares at $12 each, the bottom of its expected $12 to $14 range, via lead underwriters Credit Suisse First Boston.
Resources Connection, a former consulting unit of Big Five accounting firm Deloitte & Touche, is one of the few IPOs lately that didn't revise its planned offering to drive up demand. Biotech GenVec Inc. (GNVC: Research, Estimates) followed this strategy earlier this week, cutting its deal range to between $11 and $12 from $14 to $16. The IPO rose a meager 4 percent Tuesday.
Costa Mesa, Calif.-based Resources Connection split from Deloitte in April 1999 and has no ties to the former Big Five firm, the company said in a filing with Securities and Exchange Commission. Resources Connection provides accounting and finance, human resources management and information technology services to clients such as Nordstrom Inc. (JWN: Research, Estimates) and Credit Suisse First Boston Corp. The company is profitable, earning $39.2 million in revenue on $2.2 million in income for the quarter ended Aug. 31, 2000.
Resources Connection is proposed to trade under the ticker "RECN" on the Nasdaq, Friday. 
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