By: E&P Staff
On its first day of trading as a public company, shares of community newspaper publisher GateHouse Media jumped 17.5% from the initial public offering price (IPO) in mid-morning trading Wednesday.
At 11:23 a.m. EDT, shares of GateHouse (NYSE: GHS) were trading at $21.16, up $3.16 from the IPO price of $18. Volume was 5,4000,300.
GateHouse opened at $21.60, and were as high as $21.95.
GateHouse’s IPO of 13.8 million shares, about 40% of shares outstanding, raised $248 million at the top of the forecast range of $16 to $18. The IPO pricing indicates an initial market capitalization of approximately $621 million.