|
Two IPOs surge in debuts
|
 |
October 25, 2001: 11:29 a.m. ET
Cross Country IPO gains 19% on Nasdaq while Penn Virginia up 8% on NYSE.
|
NEW YORK (CNNmoney) - The long-dormant market for initial public offerings showed signs of life, with two offerings posting solid gains Thursday.
Shares of Cross Country Inc. (CCRN: Research, Estimates), a healthcare staffing firm, added $3.27, or 19 percent, to close at $20.27 on the Nasdaq.
Energy company Penn Virginia Resources Partners LP (PVR: up $1.70 to $22.70, Research, Estimates) gained $1.70, or 8 percent, to close at $22.70 on the New York Stock Exchange.
Cross Country came in at the top of expectations late Wednesday when it sold 7.8 million shares at $17 each, the peak of its $15 to $17 a share range, via lead underwriters Merrill Lynch and Salomon Smith Barney.
Cross Country receives nearly 80 percent of its revenue from travel nurse staffing services. Boca Raton, Fla.-based Cross Country also sells other staffing services for other professionals such as radiology technicians, rehabilitation therapists and respiratory therapists. The healthcare provider has more than 2,500 clients all over the U.S.
Penn Virginia raised $136.5 million when it sold 6.5 million units at $21 each, near the top of its $19.50 to $21.50 price range, via lead underwriters Lehman Brothers and UBS Warburg.
Radnor, Pa.-based Penn Virginia Resources does not operate any mines but enters into leases with operators to mine their coal reserves in exchange for royalty payments. 
|
|
|
|
|
 |
|
