Rocket Fuel IPO blasts off on first day
Rocket Fuel IPO sees gains of 94 percent in its share price on first day of trading. Rocket Fuel, a digital advertising company, raised $116 million with its IPO.
NEW YORK — Shares of digital advertising company Rocket Fuel took off during its first day as a publicly traded company.
The technology company's stock gained $27.10, or 94 percent, to $56.10 after it raised $116 million in an initial public offering of stock.
Its shares priced at $29 each, at the high end of the expected price range of $27 to $29 per share.
Rocket Fuel Inc. is giving the deal's underwriters a 30-day option to buy up to an additional 600,000 shares to cover any excess demand.