Irvine’s Century Financial Stock Up 27%
New Century Financial Corp. stock chalked up a double-digit gain in its first two days of trading.
The specialty finance company’s shares climbed 27% Thursday and Friday, closing at $14. The initial public offering was priced at $11 a share.
The company, which sells mortgage loans to borrowers with tarnished credit records, said the offering of 3.5 million common shares generated net proceeds of $28.8 million.
The company said it sold 2.9 million shares and Cornerstone Fund I, a selling shareholder, sold 600,000 shares.
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