Young & Rubicam, Genesis Complete IPOs
Young & Rubicam Inc., New York, the parent of Wunderman Cato Johnson Worldwide, successfully offered 16.6 million shares at $25 each for a total of $415 million on May 12. The stock opened on the New York Stock Exchange at $28.0625, a 12 percent premium on its offer price.
Meanwhile, cataloger Genesis Direct, Secaucus, NJ, raised $167 million through the sale of 11.1 million shares at $15 each on May 8. Investor interest was modest with stock opening at $15.50, a 3 percent premium on its offer price.
Separately, Genesis Direct launched its 31st catalog earlier this month. The Romance Boutique offers romantic gifts and collectibles.