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    Markets > IPOs
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    Carolina IPO raises $980M
    graphic January 31, 2002: 6:15 p.m. ET

    Year's second IPO prices 35M shares at $28 each via Salomon Smith Barney.
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  • Maker of Newport cigs to launch tracker IPO - Jan. 26, 2002
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    NEW YORK (CNN/Money) - The tracking stock from Carolina Group Stock, the week's biggest initial public offering, raised $980 million Thursday, above expectations.

    Carolina Group, the Lorillard tobacco company of Loews Corp., sold 35 million shares at $28 each via lead underwriter Salomon Smith Barney. Carolina Group had planned on selling 31.3 million shares at $25 to $28 each.

    Earlier this week, the year's first IPO came from Synaptics, which sold 5 million shares at $11 each via Bear Stearns. Synaptics (SYNA: down $0.19 to $12.98, Research, Estimates), a leading maker of interfaces, or "touch pads," for notebook computers, rose 19 percent in its debut on Tuesday.

    Greensboro, N.C.-based Lorillard Inc. is the nation's fourth-largest cigarette maker and maker of Newport cigarettes.

    Loews (LTR: up $1.47 to $60.45, Research, Estimates) has 100 percent stock ownership in Lorillard. The Carolina Group will trade as a tracker and represent Loews ownership interest of Lorillard.

    Carolina Group will trade as CG on the New York Stock Exchange Friday. graphic

      RELATED STORIES

    Maker of Newport cigs to launch tracker IPO - Jan. 26, 2002




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