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NEW YORK, Dec 18 (Reuters) - As one of the last members of the Internet IPO class of '98, Audiohighway.com shares rose 2 points to 9 on their first day of trading after the company priced 2.2 million shares on Wednesday night. The company did not start trading on Thursday as previously expected, as Audiohighway was waiting for clearance from the NASD, according to lead underwriter Paulson Investment Co. David Menlow, analyst at the IPO Financial Network, anticipated the stock's upward performance. "I am not at all surprised. The .com venue is still very much alive," Menlow said. Menlow believes that the company gained additional attraction, as it is a unit offering. The warrants were trading off 1/8 at 1-7/8. "This is the first unit offering of late and offers an extra sizzle in a sector that is still hot," Menlow. Some analysts had been skeptical about the offering's success, as the company had lowered the original filing price to $6 a share, down from $12-$15 back in November. Audiohighway.com provides Internet-based services to download and playback audio recordings. Copyright 1998, Reuters News Service | ||||||||||||||
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