Hydrogenics IPO runs then limps on debut

Fuel cell test equipment manufacturer Hyrdogenics has promising first day IPO.

Published: 29-Oct-2000

TORONTO, Oct 27 (Reuters) - Fuel-cell testing firm Hydrogenics Inc. hit the ground running on Friday as investors bought the shares in the latest offering of a company exploiting the need for reliable, environmentally friendly energy.

Hydrogenics -- based in Woodbridge, Ontario, near Toronto -- began trading on Friday on Nasdaq with the first trades at $15, or 25 percent above the $12 offering price, at the top end of the expected range. On the Toronto Stock Exchange it opened at C$20.50.

A source familiar with the offering said the shares were oversubscribed and "very well received" in North America and Europe, with the majority of interest coming from outside Canada.

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