Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):
IPOs: IPO for Outsourcing Firm WNS Increases 23%
Summary: Shares of Indian outsourcing firm WNS Ltd. (NYSE:WNS) jumped 23% on their first day on the NYSE, the best start from an initial public offering this month. The Mumbai-based company closed yesterday at $24.50, well above its IPO price of $20. In another sign of just how keenly sought the stock was, the offering also was the first deal this month to price at the high end of its targeted range. The five other IPOs so far in July either priced at the low end or below underwriters' expectations ending trading nearly flat with their offering prices. Private-equity firm Warburg Pincus, which acquired a controlling stake in WNS in May 2002, controls about 54% of the company after the IPO, which included a total of 11.2 million American depository shares.
Comment on related stocks/ETFs: For more on the WNS IPO, read Abbi Adest's July 24th This Week's IPOs: Chart Industries, CHG Healthcare Services, GeoMet Inc., and WNS Ltd.