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Article: Estee Lauder Shares Jump in Initial Offering
- Article from:
- Chicago Sun-Times
- Article date:
- November 17, 1995
- Author:
CopyrightCopyright 1995 Chicago Sun-Times. (Hide copyright information)
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NEW YORK Cosmetics company Estee Lauder Cos. Inc. put its best
face forward today as investors gobbled up its intial public stock
offering, hoping to cash in on the company's glamor and maybe even
meet its new spokesmodel, Elizabeth Hurley.
The stock jumped $8.50 from its initial offering price of $26
to trade at $34.50 on the New York Stock Exchange. More than 8.6
million shares changed hands.
Strong demand drove the initial estimated price of the 14
million-share offering above its original range of $22-$24.
"It's an example of the scarcity of high quality consumer
stable demand stocks," said Michael Metz, chief investment Strategist
at Oppenheimer & Co, of Lauder's stock rise.
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