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.
A security officer stands guard outside the Nasdaq MarketSite in New York's Times Square, in August. On Friday, a California digital advertising firm raised $116 million from its initial public offering of stock to the public on the Nasdaq. The Rocket Fuel IPO saw shares soar from $29 to $56.
Andrew Kelly/Reuters/File
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.
The Redwood City, Calif., company's stock trades on the Nasdaq under the "FUEL" ticker symbol.