LONDON (CNNfn) - Shares of Thomson Multimedia, the largest maker of televisions and VCRs in the United States, surged more than 20 percent in Paris Wednesday immediately after the initial public offering was priced at 21.5 euros.
The issue price was set at the top of the range, but the issue was heavily oversubscribed, and the stock jumped to 25.62 euros as soon as trading commenced. By midday in Paris, the stock was at 26.51 euros, up 23 percent from its listing price.
Thomson, the world's fourth-largest maker of TVs and VCRs, markets products under brand names such as RCA and General Electric. It's majority-owned by the French state through Thomson S.A., and has a number of private shareholders including Microsoft, Alcatel, DIRECTV, and NEC.
After the IPO the government will retain a 51 percent stake in the firm, which was valued at $3 billion at the IPO price |
