The share rose 20% on its first day of trading on Nasdaq and another 21% at the opening today.
Wall Street investors were thirsty for shares of Israeli home seltzer systems maker Sodastream International Ltd. (Nasdaq SODA). The share rose 20.6% on its first day of trading yesterday, and rose another 22% in early trading today to $29.24.
Sodastream raised nearly $109 million in its IPO, at $20 per share, the upper limit of the price range. The share rose to $24.12 yesterday on a trading volume of 6.1 million shares, boosting the market cap to $423 million.
The Sodastream raises could rise to $125 million as the underwriters, JPMorgan Securities LLC and Deutsche Bank Securities Inc., have announced that they will exercise their overallotment options at the IPO price.
Sodastream will use part of the proceeds to repay €23 million in debts, and it will also build another factory in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2010
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