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Amerigroup IPO rises
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November 6, 2001: 11:17 a.m. ET
Health benefits provider gains nearly 23% on Nasdaq after raising $75M.
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NEW YORK (CNNmoney) - Amerigroup Corp., a health benefits provider, surged by nearly 23 percent in its market debut on the Nasdaq Tuesday.
Shares of Amerigroup added $3.90 to close at $20.90.
The Amerigroup IPO continued the trend of health-care related stock issues. Anthem Inc., an insurance company, gained nearly 14 percent on the New York Stock Exchange last week. Odyssey Healthcare Inc. (ODSY: down $1.00 to $17.70, Research, Estimates), an operator of hospices, surged by 15 percent on Oct. 31.
Amerigroup (AMGP: Research, Estimates) raised nearly $75 million late Monday when it sold 4.4 million shares at $17 each via lead underwriters Banc of America and UBS Warburg.
Virginia Beach, Va.-based Amerigroup targets state-sponsored health care for the poor in four states, providing benefits through programs such as Medicaid, the Children's Health Insurance Program and Family Care. 
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