Lululemon stock up 50pc in eagerly awaited IPO
Sunday, 29 July 2007
OTTAWA, July 28 (Reuters): Newly issued shares of Lululemon Athletica Inc. (LULUV.O: Quote, Profile , Research) (LLL.TO: Quote, Profile , Research) roared 50 per cent higher in their first day of trade Friday as investors stretched for a piece of the trendy workout-wear retailer.
"A lot of people are clamoring for the shares," said Accountability Research Corp. analyst Mark Rosen in an interview.
"It's a name people recognize and see as trendy. And it has such a high-growth profile to it, that there's a lot of excitement."
Lululemon shares jumped $9.25 on Nasdaq to trade at $27.25 on a volume of more than 12 million shares. On the Toronto Stock Exchange, shares rose to C$29.47 before slipping back to C$28.94.
"A lot of people are clamoring for the shares," said Accountability Research Corp. analyst Mark Rosen in an interview.
"It's a name people recognize and see as trendy. And it has such a high-growth profile to it, that there's a lot of excitement."
Lululemon shares jumped $9.25 on Nasdaq to trade at $27.25 on a volume of more than 12 million shares. On the Toronto Stock Exchange, shares rose to C$29.47 before slipping back to C$28.94.