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Resources up 33% in IPO
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December 15, 2000: 6:37 p.m. ET
Former Deloitte unit gives new life to IPOs, one of last new issues
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NEW YORK (CNNfn) - The IPO market showed signs of life Friday as professional services firm Resources Connection Inc. climbed 33 percent.
Resources Connection, one of the last new issues to begin trading this year, gained $4 to price at $16 on the Nasdaq.
Next week, only biotech Cellomics Inc. is scheduled to begin trading. Cellomics, a developer of drug discovery tools, was slated to open this week but decided to delay and revise its price range yet again.
The company now plans to offer 6 million shares at $8 to $10 each, down from $11 to $13, which was also sliced from the originally filed $16 to $18 price range. Prudential Vector Healthcare is the lead underwriter on the deal. Cellomics will trade under proposed Nasdaq symbol "CLMX."
Resources doesn't cut
Resources Connection (RECN: Research, Estimates) is one of the few IPOs recently that hasn't cut its deal to drive up demand. The former Deloitte & Touche consulting unit raised $78 million late Thursday after selling 6.5 million shares at $12 each, the bottom of its expected $12 to $14 range, via lead underwriters Credit Suisse First Boston.  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 the Securities and Exchange Commission.
Resources Connection is a professional services firm that provides accounting and finance, human resources management and information technology services to clients such as AT&T (T: Research, Estimates), E*Trade (EGRP: Research, Estimates), 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.
netLibrary checks out
Yet another Internet company decided not to test the public waters, as electronic book technology and services company netLibrary Inc. withdrew due to the often cited "market conditions."
NetLibrary, which filed for the offering in August, planned to raise about $82 million, but had not set any price terms.
The Boulder, Co.-based company planned to trade on the Nasdaq as "EBKS." The deal was led by Credit Suisse First Boston. 
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Resources Connection
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