Shares of Utah-based Ancestry.com Inc., the largest online source of genealogical data, climbed as much as 21 percent in its first day of trading after an initial public offering launched Thursday morning.
Ancestry.com jumped $1.26, or 9.3 percent, to $14.76 at about 10 a.m. MST on the Nasdaq Stock Market. The shares traded as high as $16.32 earlier in the session. The company sold 4.07 million shares for $13.50 each in a deal led by Morgan Stanley and Bank of America Merrill Lynch. Existing investors sold an additional 3.33 million shares.
Read the full article from Bloomberg News in the October 5, 2009 Edition of the Salt Lake Tribune.
It was begin reported that Ancestry.com CEO Tim Sullivan was to ring the NASDAQ opening bell this morning.
Ancestry.com Inc. (ACOM) will visit the NASDAQ MarketSite in New York City’s Times Square to celebrate their initial public offering on The NASDAQ Stock Market.
In honor of the occasion, Tim Sullivan, President and Chief Executive Officer of Ancestry.com Inc. (ACOM), will preside over the Opening Bell.
Where: NASDAQ MarketSite – 4 Times Square – 43rd & Broadway – Broadcast Studio
When: Thursday, November 5th, 2009 at 9:15 – 9:30 a.m. ET
For the life of me I cannot see how this is a big deal! Isn’t the stock market just a way for good ol’ boys to screw the little people out of money? The big boys get the low $13.50 price and run up the value and then dump it??? You are supposed to be in the stock market for the long haul. What a load of crap! 4 million times 2.50 is a quick 10 million dollars!!! poof!!!!
It certainly was a big deal for Ancestry.com. It’s not chump change we’re discussing here! 🙂