Ticker Talk
Even after sharply reducing the price, America Online Latin America couldn’t generate much excitement for its initial public stock offering on Tuesday.
The company priced 25 million shares at $8 each late Monday, far below the $17 the company once hoped to get.
On its first day of trading the stock (AOLA) rose as high as $9.25 but closed at $8.44, up 44 cents.
AOL Latin America is a joint venture of America Online (AOL) and Venezuela’s Cisneros Group. But the firm, which is seeking to bring AOL’s Internet dominance to Latin America, is a latecomer to that market, analysts say.
Meanwhile, another IPO got a far bigger reception Tuesday: Active Power (ACPW), which makes electric power equipment that can replace lead batteries, soared $35.75 to $52.75 in its debut.
