On Tuesday, shares of PurchasePro.com (NASDAQ:PPRO) jumped 16 percent to a close of $132.25 and were up about $5 in early trading Wednesday. PurchasePro.com recently effected a 3 for 2 stock split and also announced that it is planning a follow-on public offering of three million shares, but otherwise had no specific news to account for the jump.
PurchasePro.com, however, is high on the list of B2B infrastructure companies that have been soaring in the market during the last few weeks. PurchasePro.com went public on September 14th and closed its first day of trading at $17 per share. As late as November 1st, shares traded at as low as $21.
PurchasePro.com creates online trading environments for small-and medium-sized companies. The environments include procedures for putting out electronic RFPs or RFQs and for allowing sellers to respond electronically to the bids. The company had revenues of $3.3 million for the nine months ended September 30, 1999.