A123 IPO Jolts the Market
NEW YORK -- A123 Systems Inc.'s newly minted shares jumped 50% in their stock market debut on Thursday as Wall Street placed its bets behind the government-subsidized maker of lithium-ion batteries for the growing electric car market.
A123 Systems' (AONE 19.83, -0.46, -2.27%) IPO closed at $20.29 a share, up $6.79 over its offering price of $13.50 a share. The stock first crossed the tape at $17 a share and rose.
The company priced 28.1 million shares, raising $378 million for its debut on the Nasdaq. The Watertown, Mass.-based firm went public above its already-increased range of $10 to $11.50 a share.
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