PayPal countered by saying in filings that CertCo’s patent had been invalid and therefore the lawsuit had been meant

PayPal countered by saying in filings that CertCo’s patent had been invalid and therefore the lawsuit had been meant

IPO Report

Steve Gelsi

Stocks rise 55 per cent despite appropriate patent hazard

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NY (CBS) — PayPal shares rang up the greatest gain that is first-day a general general public providing up to now in 2002 on Friday while the delayed IPO got a welcome reception from investors.

The $70 million providing shut at $20.09, up 55 per cent from the $13 providing price. The stock launched at $15.41 a share and hit a top of $22.44 on strong number of 9 million stocks.

PayPal PYPL, -6.41% priced its 5.4 million-share initial general public offering in center regarding the anticipated selection of $12 to $14.

Appropriate wrangling delayed IPO

The internet re re payment specialist, utilized w >-1.16% clients for online acquisitions between individuals, planned to introduce its IPO a week ago, but postponed the offering after CertCo, a brand new York-based competitor, filed a patent infringement lawsuit.

to disrupt its IPO.

In filings early in the day this week, PayPal revealed that regulators in a number of states are questioning whether its online re re payment business amounts to a banking operation that is unauthorized. Louisiana ordered PayPal to there stop operating until it obtains a permit to transmit cash.

Regardless of the bump when you look at the road to its IPO, PayPal been able to go forward among the very first deals that are internet-flavored present memory.继续阅读