WRAPUP 2-Ambow down, Gordmans up in stock debut

* Ambow down 4.6 pct, Gordmans rises 3.2 pct

* Ambow raised $107 mln in IPO; on NYSE under "AMBO"

* Gordmans raised $58.9 mln in IPO; on Nasdaq under "GMAN"

(Adds analyst comment, details on Ambow, updates share prices)

By Clare Baldwin

NEW YORK (Reuters) - Shares of Ambow Education Holding Ltd, which offers educational, tutoring and career preparation services in China, and discount retailer Gordmans Stores Inc moved in opposite directions in their first day of public trading on Thursday.

Both companies' shares opened flat with their IPO prices, but by midafternoon Ambow was down by 4.6 percent and Gordmans was up by 3.2 percent.

Analysts said despite the price fluctuations, the reception overall by investors was a bit on the subdued side.

"The IPO market is inherently speculative. Right now people are finding better bargains in the open market and feel more comfortable with established track records and coverage from multiple analysts," said IPO Boutique Senior Managing Partner Scott Sweet.

The shares of Ambow opened flat with their $10 IPO price but were down 4.6 percent at $9.54 on the New York Stock Exchange on Thursday afternoon.

The company sold 10,677,207 American Depositary Shares for $10 each on Wednesday, raising about $107 million. It had planned to sell the shares at $10 to $12 each.

The shares of Gordmans, which raised about $58.9 million in its IPO, opened flat with their $11 IPO price and then rose as high as $11.99 before leveling off to $11.35 -- up 3.2 percent on the IPO price -- in midafternoon on the Nasdaq.

Omaha, Nebraska-based Gordmans sells clothing and household goods for as much as 60 percent off and had 68 stores as of June 4. Net sales rose 19.7 percent to $111.9 million in the 13 weeks ended May 1 compared with a year earlier. Net income rose 75.5 percent to $6.4 million in the same period.

Ambow in 2008 established regional hubs by buying K-12 schools, tutoring centers, colleges and career centers. It is trying to take advantage of higher levels of disposable income and the hiring needs of companies doing business in China.

As of March 31, Ambow had five K-12 schools, 96 tutoring centers, two colleges and 16 career enhancement centers, and sold its products and services in 30 of the 31 provinces and autonomous regions in China.

The company's net revenue grew 47.6 percent to 260.3 million yuan ($38,418,508.80) in the three months ended March 31. Net income fell 81.8 percent to just under 3 million yuan in the same period.

The net loss attributable to ordinary shareholders more than doubled to 96.1 million yuan during the period.

Ambow said it plans to use IPO proceeds for strategic acquisitions and upgrades and expansion of its schools and learning centers.

JPMorgan and Goldman Sachs led the underwriters on the Ambow IPO. The shares trade on the New York Stock Exchange under the symbol "AMBO."

Underwriters on the Gordmans IPO were led by Piper Jaffray and Wells Fargo Securities. The shares are trading on the Nasdaq under the symbol "GMAN." $1 = 6.7725 yuan (Reporting by Clare Baldwin; editing by John Wallace and Matthew Lewis)