Shares in Retek Inc jumped as much as 167% Thursday in their first day of trading after the company was spun out from parent HNC Software in an $82.5m initial public offering. Retek, an internet-based supply chain management software vendor, sold 5.5 million shares at $15 each, above the estimated range of $12 to $14. The stock opened at $37.75 and traded as high as $40 before closing at $32.5625, up 117% on the day. Total volume for the session was 9.8 million shares.
All of the shares were offered by the company and were sold through an underwriting syndicate managed by Credit Suisse First Boston Corp, BancBoston Robertson Stephens Inc and US Bancorp Piper Jaffray Inc. They are trading on the Nasdaq under the ticker symbol RETK. After the offering HNC, which provides customer relationship management software, retains 80% of Retek. Retek posted net income of $3.9m last year on revenue of $55m.
