Handful of new cos. post gains in trading debuts
After big market swings, 5 IPOs raise less than companies hoped; most trade higher Thursday
NEW YORK (AP) -- The stock market's recent gyrations are taking their toll on some IPOs.
Five companies, ranging from former Home Depot arm HD Supply to Aratana, a developer of pet medicines, raised less money they had hoped.
Greg Leffert, an analyst for IPO research firm Renaissance Capital, says that's mainly because of recent volatility in the stock market. But he says the market for initial public offerings of stock remains strong.
Stocks plunged last week after the Federal Reserve said it might cut back on its billions of dollars in stimulus spending this year. Shares have recovered in recent days, and the stocks of four of the newly public companies rose Thursday.
HD Supply Holdings Inc. raised $957.6 million in its IPO, making it the fifth-largest deal of the year.
