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FreeMarkets' stock jumps 417% from initial price

Published on .

Pittsburgh--FreeMarkets, which facilitates b-to-b Internet auctions for companies including General Motors Corp., opened in early trading Friday at $248 a share, a 417% jump from its initial sale price Thursday of $48. FreeMarkets' underwriters, Goldman Sachs & Co. and Morgan Stanley Dean Witter & Co., had been planning to sell the company's shares for $16, but a buzz among institutional and retail investors regarding b-to-b electronic commerce's promise has rallied FreeMarkets' share price dramatically. ``This is the most aggressive price revision that I have seen in the 10 years we've been in the business,'' David Menlow, president of IPOFinancial.com, told Bloomberg News.
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