Weisel Finishes Up 33% in Its Debut

Shares of Thomas Weisel Partners Group rose 33% in its trading debut Thursday, overcoming poor financial performance and a lead underwriter’s last-minute exit.

Shares of the San Francisco-based investment banking boutique leaped $4.90, to $19.90, on Nasdaq.

The stock had opened at $19 -- up 27% from its initial public offering price of $15 a share. Weisel Partners sold 6 million shares at the high end of its price range.

Weisel Partners had a rocky path to the public markets.

Its financial results, outlined in filings with the Securities and Exchange Commission, showed that the investment bank’s performance in the first three quarters of 2005 fell compared with 2004 as it participated in fewer investment banking transactions and its brokerage activity declined.

Last month, Goldman Sachs Group Inc., which had signed on to co-lead the deal with Weisel Partners, dropped out after disagreements over when the IPO should be launched.

But Weisel Partners persisted with its plans, and last month released new estimates for its fourth-quarter performance that showed investment banking revenue on the rise.

Also trading for the first time Thursday was Digital Music Group of Sacramento, which purchases and licenses digital recordings for online music stores. Its shares slipped 50 cents, to $9.25.