EarthWeb Inc launched its initial public offering Wednesday with a bang uncommon in the current Wall Street landscape. The New- York based company sold 2.1million shares of its common stock at $14 per share, the high end of the $12 to $14 per share offering range. EarthWeb, which filed for the IPO back in August, seems to have been waiting for the right time to go public – and made the right choice despite recent market conditions. On hitting the Nasdaq National Market, the shares soared skyward, opening at $31 and trading as high as $59 – a 320% rise over the offering price – before closing up 248% at $48.6875. Volume for the maiden session was overwhelming, with 11.5 million shares changing hands, making it the ninth most active stock on the exchange. EarthWeb provides online services to the information technology community and operates the developer.com site, which offers developers such things as resource directories, tutorials and a reference library. EarthWeb said it intends to use the net proceeds from the offering for general corporate purposes, including expansion of its sales and marketing capabilities, possible strategic acquisitions or investments and working capital requirements. The shares are trading under the symbol EWBX. JP Morgan & Co was the lead manager for the offering, while co-managers included Bear, Stearns & Co Inc and Volpe Brown Whelan & Co. Up to 315,000 more of the hot shares may be sold by certain shareholders if the underwriters exercise the overallotment option granted to them.
