Markets
U.S. open in 1 hrs, 47 mins
BUSINESS NEWS
- Market News
- Earnings
- Recalls
- Recession Watch
- Tech News
- Madoff Scandal
- BloggingStocks
- Luxist
- Money Videos
INVESTING
- Stock Quotes
- Stock Charts
- Stock Ticker
- Currencies
- Portfolio
- Stock Screener
- Broker Center
- Mutual Fund Center
- ETF Center
- Money
- 24/7 Wall St.
- Financial Glossary
PERSONAL FINANCE AT WALLETPOP
- Bargains
- Banking
- Budget
- Calculators
- College Finance
- Community
- Credit
- Deals
- Debt
- Economizer
- Food
- Home
- Fraud
- Insurance
- Interest Rates
- Loans
- Mortgages
- Real Estate
- Recalls
- Recession
- Retirement
- Saving
- Simplification
- Specials
- Taxes
SMALL BUSINESS
7 Days Group Holdings soars in 1st trading day
AP
NEW YORK -Shares of 7 Days Group Holdings Ltd. soared on Friday after the discount lodging chain's initial public offering priced at the high end of an expected range.
The stock jumped $1.93, or 18 percent, to $12.93 on the New York Stock Exchange. Underwriters had expected the shares to fetch between $9 and $11 each.
Investors may see growth opportunities for 7 Days, which operates more than 280 hotels in China — a popular tourist destination among overseas travelers.
Proceeds of $111.1 million raised in the deal will be used to pay down debt and fund working capital, 7 Days said. Proceeds will also help build more locations and improve others.
Shares trade under the ticker symbol "SVN."
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-20 10:47:15
COMMENTS ( 0 )