New Stocks, Accretive Health and ReachLocal Make Impressive Debut
On Thursday, IPOs emerged to be one of the few clear spots in the U. S. market, with new stocks Accretive Health Inc. and ReachLocal Inc. making double-digit percentage increases in their first appearances.
But the rises arrived only after both trimmed down their prices to get their IPOs done, a growingly widespread movement this month among extensive stock instability.
Accretive closed at $13.55 per share on the New York Stock Exchange, was upbeat 12.9% from its initial public offering value of $12.
A whole of 10 million shares, 3.3 million less than initially intended, were retailed at a price less than its anticipated $14 to $16 range.
On the Nasdaq, ReachLocal Inc. closed at $14.98 a share, high 15.2% from its initial public offering price of $13. It vended 4.2 million shares at a price lower than its projected range of $17 to $19.
Chicago-based Accretive Health offers revenue cycle management for hospice and associated physician groups, with 22 clients symbolizing 59 hospitals.
Different from various companies, which offer back-office services to health-care givers, Accretive is not exclusively technology-based. It supplies on-site supplemental workers to help supervise and coach present workers and to manage customers' invoices and groups.
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