EDS is getting some equity for its efforts- Nice work guys and gals!!!
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Cupertino, Calif.-based Chordiant Software (CHRD: news, msgs) opened at 49, nearly triple its $18 price. The stock climbed to 54 1/16 on volume of 8.2 million shares but ended the session considerably lower, at 39 7/16. Of course, that was still more than double the IPO's price tag.
In a sign of keen investor interest, it priced its 4.5 million shares a big $2 above the top end of a $14-to-$16 range. It pulled in $81 million in proceeds with lead underwriter Robertson Stephens.
The company provides e-business infrastructure software to customers including Bank One International, Cable & Wireless, Chase Manhattan Mortgage, OnStar and KLM Royal Dutch Airlines.
"Reputation is a lot in the IPO market, and, with the stellar track record of Robertson Stephens, you have to just do any Internet and or high-tech deal they bring to market," said David Menlow of IPOFinancial. "Chordiant is not an exception, and, by the looks of it, they have figured out how to bridge the gap to drive their sales to new heights vis-a-vis the Internet.
"It is also the story of how a pedigreed list of clients can act as account openers for new business."
Electronic Data Systems (EDS: news, msgs) owns an 8.5 percent stake in the company. That company's stock rose 1 5/16 to 74 3/16 Tuesday. |
