Onvia.com (Nasdaq: ONVI) soared in its first day of trading Wednesday, rising 44 1/2 to 65 1/2. The small-business e-commerce company’s eight million shares began the day at $21 each.
In a separate private placement, Onvia partner Internet Capital Group (Nasdaq: ICGE) is buying 2.67 million Onvia shares at the IPO price. “We will continue to hold a significant interest in the company and expect to remain actively involved in the management and operations of Onvia.com,” said Internet Capital Managing Director Ken Fox.
Internet Capital shares rose 4 3/4 to 110 1/2 Wednesday.