Archipelago shares leap in 1st day of trading

AP News
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Posted: Nov 20, 2009 10:52 AM

Shares of Archipelago Learning are rising Friday after its initial public offering priced near the top of its expected range, raising $103.1 million.

The Dallas company's shares are up $1.91, or 11.5 percent, to $18.40 on the Nasdaq.

The subscription-based online educational programs provider said earlier in a Securities and Exchange Commission filing that 6.3 million shares of its common stock priced at $16.50 each. The shares were expected to fetch $15 to $17 apiece.

Archipelago Learning Inc. provides Web-based educational testing and study aids to students in kindergarten through 12th grade _ a hot offering as schools track student performance on standardized tests.

The stock trades under the symbol "ARCL."