NEW YORK (AP) — A bank, a biotechnology company and a cloud-based payroll processer are rising in their stock market debuts Thursday.
Thursday's initial public offerings come a day after King Digital Entertainment PLC, the maker of popular mobile game "Candy Crush Saga," sank 16 percent in its first day on the market.
APPLIED GENETIC TECHNOLOGIES CORP.
The biotechnology company, based in Alachua, Fla., is developing treatments for patients with rare eye diseases. It raised $50 million after offering nearly 4.2 million shares at $12 each — below its prediction of $13 to $15 per share. It plans to use the cash to pay for clinical trials and drug studies. Its stock, which is listed on the Nasdaq stock exchange under the ticker symbol "AGTC," rose $2.76, or 23 percent, to close at $14.76.
SQUARE 1 FINANCIAL INC.
The bank, based in Durham, N.C., provides financial services to entrepreneurs, startups and to venture capitalist and private equity firms. It raised $104 million after offering nearly 5.8 million shares at $18 each, above its prediction of $15 to $17 per share. It plans to use the money raised to for general corporate purposes. Its stock is trading on the Nasdaq stock market under the ticker symbol "SQBK." The stock rose $2.60, or 14 percent, to $20.60.
TRINET GROUP INC.
The San Leandro, Calif.-based company offers cloud-based payroll processing and other human resources services for small- and medium-sized businesses. TriNet raised $240 million after offering 15 million shares at $16 each, the middle of its expected range. It plans to use the money to pay off debt. Its stock, which is trading on the New York Stock Exchange under the ticker symbol "TNET," rose $3.10, or 19 percent, to $19.10.