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Two IPOs gain on Nasdaq
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October 31, 2001: 4:31 p.m. ET
Odyssey IPO gains 14% on Nasdaq, LogicVision up 7% in debuts on Nasdaq
By Staff Writer Luisa Beltran
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NEW YORK (CNNmoney) - Investors continued to snap up shares of initial public offerings Wednesday as Odyssey Healthcare Inc. surged by 15 percent while LogicVision Inc. increased by 7 percent.
Odyssey (ODSY: Research, Estimates) shares closed at $17.25, a gain of $2.25. LogicVision (LGVN: Research, Estimates) ended its debut at $9.61, adding 61 cents. Both IPOs were traded on the Nasdaq.
Odyssey's and LogicVision's performance follows the strong IPO from Anthem Inc., which added nearly 14 percent on the New York Stock Exchange Tuesday. Indianapolis-based Anthem (ATH: Research, Estimates) is one of the nation's largest benefits firms.
In fact, the last seven new issues have posted solid gains in their debuts and are each trading above their IPO price, said analyst Mike Falbo, of IPOpros.com.
"It's been a very good month for IPOs and we hope it will continue through November," he said.
Odyssey's successful performance continues the trend of strong healthcare-related IPOs performing well, Falbo said. Next week, AMN Healthcare Services Inc. plans to go public under the NYSE symbol "AMN" next week.
San Diego-based AMN Healthcare, a temporary staffing firm, plans to sell 10 million shares at $14 to $16 each via lead underwriters Banc of America Securities and UBS Warburg.
Odyssey raised $54 million late Tuesday when it sold 3.6 million shares at $15 each, the top of its $13-to-$15 price range, via Merrill Lynch.
Dallas-based Odyssey operates 38 hospices in 21 states with an average of 3,320 patients each day. Odyssey is profitable with $57 million in net patient service revenue on $4.9 million in income for the six months ended June 30, according to a filing with the Securities and Exchange Commission.
LogicVision Inc. raised $40.5 million when it sold 4.5 million shares at $9 each, the bottom of its $9 to $11 price range, via UBS Warburg.
San Jose, Calif.-based LogicVision offers testing technology that allows customers to better design and make complex chips. The company's technology has been used to test chips that are part of gigabit switches, voice and data routers, high performance servers and wireless products. 
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