Rocket Fuel soars in 1st day as a public companySeptember 20, 2013 @ 2:29 pm
NEW YORK (AP) - 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.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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