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Three IPOs surge in debuts
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November 13, 2001: 12:45 p.m. ET
AMN Healthcare up 27%, Advisory Board up 22%, Fisher Paykel climbs 28%.
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NEW YORK (CNN/Money) - Three initial public offerings opened with strong gains Tuesday, demonstrating the continued strength of health-care related offerings.
On the New York Stock Exchange, shares of AMN Healthcare Services Inc. added $4.66 to close at $21.66, for a gain of 27 percent.
Separately on the Nasdaq the offering from Advisory Board Co. gained $5.25 to $24.25, a 22 percent increase while Fisher & Paykel Industries Ltd. climbed by $4.95, or 28 percent, to $22.95.
The success of the trio reaffirmed the recent trend in the IPO market of strong health-care IPOs. Amerigroup Corp., a health benefits provider, surged by nearly 23 percent in its market debut last week; it followed the success of Anthem Inc., an insurance company, and Odyssey Heathcare Inc., an operator of hospices, late last month.
However, reports that the long-dormant IPO market has rebounded are premature, said editor John Fitzgibbon of IPO Desktop. "The IPO market is not back," he said. "It's a health-care deal market now."
Next week only two IPOs are scheduled, and none are on tap for the week of Nov. 26. "A lot of these deals are profitable for a change and they trading up because they're are priced at discount," he said of the Tuesday's successful IPOs.
Temporary health-care staffing company AMN Healthcare Services (AHS: up $4.66 to $21.66, Research, Estimates) raised $170 million late Tuesday by pricing 10 million shares at $17 per share, above its $14-to-$16 price range, via lead underwriter Banc of America Securities.
Advisory Board Co. (ABCO: up $5.25 to $24.25, Research, Estimates), which provides business strategy consulting for health-care companies, raised $95 million when it sold 5 million shares at $19 per share, the top of its $17-to-$19 range, through lead underwriters Credit Suisse First Boston and Deutsche Banc Alex. Brown.
Lastly, Fisher & Paykel Industries (FPHC: up $4.95 to $22.95, Research, Estimates), which makes humidification products used in respiratory care, sold 4.4 millions American depositary shares at $18 each via Deutsche Banc Alex. Brown. Each ADS represent 4 ordinary shares, underwriters on the deal said. 
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