Young & Rubicam, Genesis Complete IPOs

Share this article:
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.

This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions