November 20, 2009
Archipelago shares leap in 1st day of trading
The Associated PressShares of Archipelago Learning are rising Friday after its initial public offering priced near the top of its expected range, raising $103.1 million.
The Dallas company's shares are up $1.91, or 11.5 percent, to $18.40 on the Nasdaq.
The subscription-based online educational programs provider said earlier in a Securities and Exchange Commission filing that 6.3 million shares of its common stock priced at $16.50 each. The shares were expected to fetch $15 to $17 apiece.
Archipelago Learning Inc. provides Web-based educational testing and study aids to students in kindergarten through 12th grade — a hot offering as schools track student performance on standardized tests.
The stock trades under the symbol "ARCL."