Model N jumps in 1st day on NYSE

AP News
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Posted: Mar 20, 2013 10:42 AM

NEW YORK (AP) — Shares of Model N are up about 38 percent in the first day of trading on the New York Stock Exchange.

The company, which offers revenue management services for the life science and technology industries, raised approximately $103.9 million from its initial public offering of about 6.7 million shares.

The offering was priced at $15.50 per share. The stock rose $5.88 at $21.38 in morning trading.

The company originally planned to offer about 6.5 million shares, which it expected to price between $12.50 and $14.50 per share.

Model N gave underwriters a 30-day option to buy up to an additional 1 million shares.

The stock is trading under the "MODN" ticker symbol. It gained $6.29, or 40.6 percent, to $21.79 in morning trading.