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IPO market shows signs of life with 4 big gains

Associated Press Modified: October 11, 2012 at 4:00 pm •  Published: October 11, 2012

A resurgent market for IPOs would suggest that investors are, overall, more confident in financial markets.

The largest IPO Thursday was Realogy Holdings Corp. The Parsippany, N.J., realty firm, whose other brands include ERA and Sotheby's International Realty, raised $1.08 billion from its offering. That's third-largest U.S. IPO of the year, according to Renaissance Capital. The company priced 40 million shares at $27 per share, the high end of the projected range. They gained 27 percent to close at $34.20.

Shutterstock Inc.'s shares also closed up 27 percent, at $21.66. The New York-based provider of stock photos and videos sold 4.5 million shares for $17 each — above its expected range of $13 to $15 — for $76.5 million in proceeds.

Meanwhile, Intercept Pharmaceuticals raised $75 million, pricing shares at $15 — the top of its expected range of $13 to $15 — and selling more shares than expected. The drug developer, also based in New York, develops drugs for chronic liver diseases. Its stock gained 29 percent to $19.40.

Investors also were eager to pick up shares of fellow drug developer Kythera Biopharmaceuticals, whose shares jumped 24 percent to $19.79. The Calabasas, Calif., company raised about $70.4 million, selling 4.4 million shares for $16 each, the top end of its estimated range. It also sold more shares than expected.


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