Young & Rubicam, Genesis Complete IPOs

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Two companies involved in direct marketing have completed initial public offerings in the past few days, drawing strong to moderate response from investors.


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.
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