Y&R IPO share prices higher than expected

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Young & Rubicam's long-awaited initial stock offering got a good reception from investors as it began trading on the New York Stock Exchange May 12. The stock opened Tuesday at $28.06 per share -- far higher than the company's initial price of $25 per share or previous estimates of $21 to $24 per share -- and closed Friday at $27.62.

Copyright May 1998, Crain Communications Inc.

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