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Article: Petersen Publishing Stock Soars on First Day.(Originated from Daily News, New York)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 3, 1997
- Author:
CopyrightCOPYRIGHT 1997 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Oct. 3--Petersen Publishing put the pedal to the metal on Wall Street yesterday.
The publisher of Motor Trend, Hot Rod and Teen magazines saw its stock climb as much as 18 percent in its first day of trading.
The Los Angeles-based company raised $122.5 million in its initial public offering of 7 million shares and saw its stock close up 2} to $20.25.
The offering was priced at $17.50 a share.
"It opened fabulously," said Lanny Baker, a publishing analyst at Salomon Brothers.
Petersen -- which is run by veteran publishing execs Neal Vitale and Claeys Bahrenburg -- even added a dash of glamor to its IPO debut.