IPO market shows signs of life with 4 big gains

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Associated Press

Posted on October 11, 2012 at 4:01 PM

Updated Thursday, Oct 11 at 4:01 PM

NEW YORK (AP) — After a string of disappointing debuts, the IPO market is showing signs of life Thursday, with shares of four newly public companies each shooting up more than 20 percent in their first day of trading.

All of the companies — Realogy, the owner of realty firms Century 21, Coldwell Banker and Corcoran Group; online stock photo provider Shutterstock; Kythera, a developer of shots to treat double chins; and Intercept Pharmaceuticals, which develops treatments for liver diseases — garnered strong demand from investors. The companies raised more money in their initial public stock offerings than they had predicted, an unusual occurrence over the past few months.

Thomas Murphy, head of securities and capital markets for the law firm McDermott Will & Emery, says Thursday's action bodes well for the IPO market.

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