- Online community company theglobe.com's initial public offering has set a new record after its shares increased seven fold in value on its first day of trading on Wall Street.
Stock which had originally been priced at $9 soared to $87, at one stage hitting a high of $97, before closing at $63.50.
Theglobe.com is the most successful in a recent spate of web companies to float in the US. This latest beat the previous internet IPO record holder, Broadcast.com, which opened at $18 and closed at $62.75.
Another, EarthWeb, tripled its offering price of $14 last Wednesday. Another online auction company, e-bay, hit $140 six weeks after floating at $18.
Theglobe.com's flotation comes less than a month after the company delayed an IPO because of poor market conditions.