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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

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





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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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