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Article: Education Management shares rise in IPO debut
- Article from:
- AP Online
- Article date:
- October 2, 2009
- Author:
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Education Management Corp. shares soared almost 25 percent Friday in their debut in an initial public offering after being priced at the low end of their proposed range.
The stock jumped $4.48, or 24.9 percent, to $22.48 by midday on volume of almost 5 million shares.
On Thursday night, shares were priced at $18 a share, at the bottom of the company's proposed range of $18 to $20.
Many education stocks have seen gains in the past two years as the tough economy drives more Americans to bulk up their resumes. This is the third for-profit higher education IPO since November, following online educators Grand Canyon Education Inc. in November and Bridgepoint Education Inc. ...