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Carolina IPO raises $980M
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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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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. 
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