The Connecticut-based electronic brokerage Interactive Brokers Group raised $1.2 billion in its initial public offering (IPO) on Friday.
The stock, priced at $30.01 the night before, closed its first day at $31.30 on volume of 23.5 million shares. The price has since dipped below $30.
The 40 million shares, double the initial plan when Interactive Brokers filed for its IPO in November, were distributed in a Dutch auction process similar to that of the Google offering of August 2004.
WR Hambrecht & Co. of San Francisco was underwriter on both, with HSBC as co-lead.