Day Runner Ends Strong Debut Week on Wall Street
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Orange County’s latest newcomer to Wall Street, Day Runner Inc., ended its debut week in style. The Fullerton company’s stock closed Friday at $20.25 a share, up 35% from Wednesday’s initial public offering price of $15.
Day Runner, which manufactures paper-based personal organizers, raised $15 million in its offering, selling 1 million shares of stock to the public. Another 575,000 shares were sold by major stockholders. The stock closed Wednesday at $17.75, and on Thursday closed at $18.50.
Wall Street analysts had predicted that the stock would get off to a strong start.
The company, founded 10 years ago in a West Hollywood garage, has seen its profits soar since the mid-1980s. Annual sales grew from $11.1 million in 1987 to $53.2 million last year.
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