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Carolina Group IPO up 4 percent
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February 1, 2002: 11:41 a.m. ET
Tracker of Lorillard Inc. gains on NYSE; ZymoGenetics trades flat.
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NEW YORK (CNN/Money) - Carolina Group Stock, the tracking stock of cigarette company Lorillard Inc., gained nearly 4 percent Friday, while biotech ZymoGenetics Inc. traded nearly flat in its market debut.
Shares of Carolina Group (CG: up $1.10 to $29.10, Research, Estimates) closed at $29.10 for a $1.10 gain on the New York Stock Exchange.
ZymoGenetics (ZGEN: up $0.05 to $12.05, Research, Estimates) barely stayed afloat, adding 5 cents to close at $12.05 on the Nasdaq.
Earlier this week, the year's first IPO came from Synaptics, which sold 5 million shares at $11 each via Bear Stearns. Synaptics (SYNA: up $0.19 to $13.17, Research, Estimates), a leading maker of interfaces, or "touch pads," for notebook computers, rose 19 percent in its debut on Tuesday.
Carolina Group, the Lorillard tobacco company of Loews Corp., raised $980 million late Thursday. Carolina Group 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.
Greensboro, N.C.-based Lorillard Inc. is the nation's fourth-largest cigarette maker and maker of Newport cigarettes.
ZymoGenetics sold 10 million shares at $12 each via lead underwriters Lehman Brothers and Merrill Lynch.
ZymoGenetics is the first biotech offering this year. The Seattle-based company, formerly a unit of Novo Nordisk A/S, develops protein-based drugs. ZymoGenetics has helped develop drugs to treat diabetes, hemophilia and non-healing diabetic ulcers. ZymoGenetics is currently developing treatments for excessive bleeding, non-Hodgkin's lymphoma, and cardiovascular diseases. 
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