Friday, March 11, 2011

OMG! HCA'S IPO Went PDQ!

Posted By on Fri, Mar 11, 2011 at 12:25 PM

Want an hour-by-hour breakdown of how HCA's whopping $3.79 billion IPO trading went yesterday? Erin Lawley and Geert de Lombaerde at NashvillePost.com charted its progress throughout the day (in some cases down to the minute). A few snapshots:

• 7:33 a.m. • Speculation Wednesday afternoon that HCA might look to push the offering price to $31 turned out to be off the mark, but one market watcher points out the total number of shares sold by the company’s investors rose from the expected 124 million to 126.2 million. The 2.2 million difference came from the company’s investors alone. ...

• 9:12 a.m. • Shares are now trading and opened well above $31 before retreating a bit. Still, they're up 3 percent, another sign of the strong demand that led to yesterday's talk of pushing up the price. Check out the price action here. ...

• 11:20 a.m. • Industry experts expected the health care services sector would get a collective boost from HCA’s IPO, but today’s ugly market conditions indicate the hospital giant can only help itself. All three major stock indexes have tumbled today on disappointing economic news, including a rise in initial U.S. jobless claims. The hospital stocks — CHS, Tenet, LifePoint, UHS and HMA — have followed the downward trend. The fact that HCA’s shares continue to trade in the $31 range illustrates the demand for shares was much larger than the number of shares offered. ...

The final tally: $31.02, up 3.4 percent from the initial price, with 64.6 million shares changing hands.

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