(Reuters) -Alliance Laundry Systems was valued at nearly $4.83 billion after its shares jumped 11.4% in their New York debut on Thursday, making the commercial laundry machine maker the latest to capitalize on a buoyant listings market. Shares of the Ripon, Wisconsin-based Alliance opened at $24.5 apiece, above the issue price of $22. Alliance and […]
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Alliance Laundry valued at $4.8 billion as shares rise in NYSE debut
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(Reuters) -Alliance Laundry Systems was valued at nearly $4.83 billion after its shares jumped 11.4% in their New York debut on Thursday, making the commercial laundry machine maker the latest to capitalize on a buoyant listings market.
Shares of the Ripon, Wisconsin-based Alliance opened at $24.5 apiece, above the issue price of $22.
Alliance and some of its existing shareholders sold 34.1 million shares in an initial public offering on Wednesday, at the top of its target range of $19 to $22 apiece.
U.S. IPO activity has picked up after a slowdown earlier this year, with companies moving to tap investor appetite as concerns over President Donald Trump’s trade policies ease.
Companies such as Swedish fintech firm Klarna and online ticketing marketplace StubHub tested the public markets with their hotly anticipated debuts last month.
(Reporting by Anuj T and Pritam Biswas; Editing by Sahal Muhammed)