Chicago Board of Trade (CBoT) launched one of the most
successful public offerings in the past year on 19 October.
The exchange's share price jumped 56% after the opening on
the company's first day of trading on New York Stock Exchange,
closing with a 48% gain. Shares opened at $54, well over the
listed range of $45 to $44, and closed the day's trading at
$80.30. CBoT raised $172.3m in the IPO, and analysts said the
first day price rise made it one of the top five performers
over the past year.
CBoT went ahead with the listing despite fears that its
price would be hit by uncertainty following the collapse of
Refco, where investors last week looked unlikely to recoup
much, if any, of their two-month old equity investments in the
firm (see story p8). However, CBoT's decision was richly
rewarded as the market apparently did not associate the two
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