NEW YORK (AP) -- Five companies began trading publicly on Thursday as the market for initial public offerings continued to go strong following a busy 2013. Three of the five are pharmaceutical companies.
Last year saw an IPO boom as the broader stock markets rose, with big debuts from hotel owner Hilton Worldwide Holdings Inc., which raised $2.35 billion, and short messaging service Twitter Inc., which raised $2.1 billion.
Here's a look at how the companies that began trading Thursday fared:
— CM Finance Inc.
This investment firm's offering of 6.7 million shares raised $100 million after pricing at $15 per share. The New York-based company said it plans to use the proceeds to pay down debt and to make investments. Its shares, trading under the symbol "CMFN" on the Nasdaq, rose 81 cents, or 5.4 percent, to $15.81 on Thursday.
— Egalet Corp.
Egalet is a Wayne, Pa.-based pharmaceutical company developing "abuse-deterrent" medication for treating pain. The company said its opioid-based tablets "are specifically designed to deter abuse by physical and chemical manipulation," and are also able to tailor the release of their active ingredient. It raised $50 million offering 4.2 million shares at $12 each.
It plans to use the proceeds to pay for drug trials, research and development and other purposes. Shares, trading under the symbol "EGLT" on the Nasdaq, were unchanged at $12.
— Eleven Biotherapeutics Inc.
The Cambridge, Mass.-based pharmaceutical company is developing treatments for eye diseases. The company raised $50 million in an offering of 5 million shares at $10 each. The stock priced below the expected range of $13 to $15. Eleven plans to use the proceeds to fund the next phase of a drug trial.
Shares, trading under the symbol "EBIO," rose 85 cents, or 8.5 percent, to $10.85 on the Nasdaq.
— Ladder Capital Corp.
Commercial real estate finance company Ladder Capital raised $225 million after selling 13.3 million shares at $17 each. The New York-based company plans to use the proceeds to expand its loan origination and related commercial real estate business lines and for general corporate purposes.
Shares, trading under the symbol "LADR," fell 1 cent to $16.99 on the New York Stock Exchange.
— Revance Therapeutics Inc.
Revance is a biotechnology company developing treatments based on the toxin that causes botulism for wrinkles and other conditions. The company hopes those treatments will improve on the popular Botox, also based on the same toxin.
The Newark, Calif.-based company raised $96 million offering 6 million shares at $16 each. It plans to use the proceeds to pay for research and development costs, clinical trials and other purposes.
Shares, trading under the symbol "RVNC" on the Nasdaq, jumped $10.85, or 68 percent, to $26.85.