Couple of things.
1) We need to tell the webmistress@techstocks.com that Convergys new symbol is CVG; and please substitute the current CSN-Convergys with the new CVG-Convergys in our subject title.
2) CVG closed at 16 5/8 after its first day of trading; here is a bulletin on CVG trading that hit the wires earlier today.
Convergys IPO opens up, near expectations
NEW YORK, Aug 13 (Reuters) - Convergys Corp., the customer service and billing spin-off of Cincinnati Bell Inc. (CSN - news), opened firm near analysts' scaled-back expectations.
The 13 million share offering opened at 15-3/4, up 3/4 from the $15 price set at its New York Stock Exchange debut this morning. But the new issue continued rising and hit a high of 17 after less than an hour on the Big Board, with over 3.0 million shares trading hands.
IPO analysts had scaled back their original two-to-three point rise estimates for Convergys on opening day amid numerous postponed or canceled deals over the past few weeks, and a choppy broader market which tends to distract investors from new issues.
Morgan Stanley, the deal's lead underwriter, cut the size of the IPO after the close of trade on Wednesday from the 18 million shares originally filed, and also trimmed the price range from $17-$19.
And while an eleventh-hour chopping of any deal usually reflects waning investor interest, the fact that the IPO was the only deal to open today in a sea of postponements was seen as a hopeful sign for quality deals, analysts said.
The company's operations combine Cincinnati Bell Information Systems (CBIS), MATRIXX Marketing, and Cincinnati Bell's interest in its cellular service partnership with Ameritech Corp. (AIT - news).
Cincinnati Bell will retain a 90.7 percent interest in the new company for about six months, when it will spin off its stake to Cincinnati Bell shareholders. |
