Shows & Panels
- Accelerate and Streamline for Better Customer Service
- Ask the CIO
- The Big Data Dilemma
- Carrying On with Continuity of Operations
- Client Virtualization Solutions
- Data Protection in a Virtual World
- Expert Voices
- Federal Executive Forum
- Federal IT Challenge
- Federal Tech Talk
- Feds in the Cloud
- Health IT: A Policy Change Agent
- IT Innovation in the New Era of Government
- Making Dollars And Sense Out of Data Center Consolidation
- Navigating the Private Cloud
- One Step to the Cloud, Two Steps Toward Innovation
- Path to FDCCI Compliance
- Take Command of Your Mobility Initiative
Shows & Panels
Bright Horizons rises in 1st day trading on NYSE
Friday - 1/25/2013, 10:33am EST
NEW YORK (AP) - Shares of child care services provider Bright Horizons jumped more than 28 percent in their first day of trading on the New York Stock Exchange.
The Watertown, Mass., company's stock climbed $6.17, to $28.17. It opened at $27.75.
Bright Horizons Family Solutions Inc. raised $222.2 million in an initial public offering of 10.1 million shares.
The stock was priced at $22 apiece, above the expected price range of $19 to $21 per share. That suggested healthy demand from investors. The banks managing the deal may buy another 1.5 million shares, increasing the funds raised.
Bright Horizons said in a regulatory filing that it will use the IPO proceeds to repay debt. Any remaining proceeds will be used for working capital and general corporate purposes.
The company is being taken public by private equity firm Bain Capital LLC, which bought it in 2008 for $1.3 billion. Bright Horizons had traded on the Nasdaq from 1998 until 2008.
The company has more than 750 child care and early education centers.
Its stock is trading under the "BFAM" ticker symbol.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)