Omnicell IPO Gains 29% Debuts At $7 Per Share
NEW YORK (CBS.MW) - Silicon Valley's Omnicell generated solid gains Tuesday after its initial public offering priced at the low end of its reduced range.
The Palo Alto, Calif.-based software maker (OMCL: news, chart, profile) closed at $9.51, up a big $2.51 over its offering price. The stock opened at $7.20 per share and picked up steam throughout the trading day on volume of 4 million.
Omnicell's 29 percent gain in its opening day is no doubt welcome after the company pulled its IPO out of contention in March during the malaise that enveloped the new issues market.
Omnicell was forced to pare its price range to $7 to $9, down from $8 to $10, to lure wary investors who have shied away from tech IPOs in favor of more traditional deals.