NEW YORK (CNNfn) - Online toy retailer eToys Inc. jumped 280 percent in its opening day of trading Thursday, becoming the latest in an ever-growing lists of firms to capitalize on investor's zeal for Internet-related initial public offerings.
Shortly after 2 p.m. ET, shares of the Santa Monica, Calif.-based company jumped to 76-1/16, up 56-1/16 from its offering price of 20. Its shares traded as high as 85 during afternoon trade.
eToys (ETYS) raised $166.4 million in the offering of 8.32 million shares, which the company said it would use for general corporate purposes.
Like many successful Internet-related IPOs, eToys has yet to turn a profit. The company reported a fiscal 1999 loss of $28.6 million, or 35 cents per share on a pro forma basis, according to a filing with the Securities and Exchange Commission.
eToys is, however, at the forefront of a rapidly growing market. Earlier this week, Continental Stores (CNS) said its KBToys unit will enhance its Web offering by combining resources with BrainPlay.com.
Also, toy retailing giant Toys "R" Us (TOY) recently announced plans to upgrade its online toy selling site, vowing to become the industry leader by the end of the year.
Toys "R" Us shares were down 1/16 at 22-13/16 in afternoon trade.