The stock price of Greenway Medical Technologies rose 20 percent in early trading on Feb. 2 after the physician software vendor conducted a $66.7 million initial public offering of stock.
Greenway sold nearly 5.3 million shares of stock at $10 per share, below than its expected range of $11-13, as selling stockholders put another 1.28 million shares on the block. The stock opened poorly at $10.10 per share on the New York Stock Exchange, but soon was consistently trading between $12 and $12.50 in morning activity.
While the IPO had a successful start, the $10 price tag was the second time Greenway had to lower expectations as the IPO market continues to be tepid. The company anticipated a $100 million IPO when it filed registration papers in 2011 and dropped the value to about $73-87 million in January 2012.
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