The initial public offering of Vicinity (Nasdaq: VCNT), which helps brick-and-mortar and Internet companies promote themselves through the Web, wireless devices, telephone marketing, and direct mail, gained nearly 187 percent Wednesday as shares closed up 31-3/4 to 48-3/4. Vicinity, whose clients include Nike, General Motors, Ford, Levi’s, Hewlett-Packard, Network Solutions, Oracle and hundreds of others, priced seven million shares at $17 million in a sign of high demand.
The company had originally planned to offer five million shares at $10 to $12 a share before raising the offering size and proposed range a couple of times.
Vicinity’s IPO was the latest success for Internet incubator CMGI (Nasdaq: CMGI), which was an early investor in Vicinity and remains a significant shareholder. Shares of CMGI, however, could not defy Wednesday’s sell off, declining 4-7/8 to 120-1/2.