Info tech company CDW rises in debut on the Nasdaq

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Associated Press

Posted on June 27, 2013 at 9:01 AM

Updated Thursday, Jun 27 at 9:02 AM

NEW YORK (AP) — CDW's stock climbed in the information technology company's first day of trading on the Nasdaq.

CDW rose $1.57, or 9.2 percent, to $18.57 in morning trading Thursday.

The offering of about 23.3 million shares was priced at $17 per share. That was at the low end of its $17 to $18 projected price range.

CDW Corp. raised about $396 million from the IPO.

The underwriters have a 30-day option to buy up to an additional 3.5 million shares.

CDW reported 2012 net income of $119 million on revenue of $10.13 billion. In 2011, the Vernon Hills, Ill.-based company had net income of $17.1 million and revenue of $9.6 billion.

The shares are trading under the "CDW" ticker symbol.

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