Blue Nile shines in IPO market Online jewelry merchant jumps nearly 35% in first day trading after being priced at $20.50 per share May 20, 2004: 12:08 PM EDT
NEW YORK (CNN/Money) - Shares of Blue Nile Inc., a Seattle-based Internet jewelry merchant, traded nearly 35 percent higher on Thursday after being priced 3.74 million shares at $20.50 apiece in its initial public offering.
The price came above the company''s original price range as the underwriter said Blue Nile initially filed to offer its shares at an estimated range of $17.50 and $19.50 per share.
Blue Nile (NILE: up $7.40 to $27.90, Research, Estimates) stock jumped to as high as $28.39 in late morning trading on the Nasdaq.
Blue Nile stock made its debut during a time when market watchers weren''t quite certain how confident investors feel about a new batch of IPOs.
Merrill Lynch & Co., Bear, Stearns & Co., and Thomas Weisel Partners LLC were underwriting the deal, according to its regulatory filing.