Shares of online travel agent Priceline.com (Nasdaq: PCLN) started trading today after the company priced its initial public offering at $16 a share Monday. The pricing of 10,000,000 shares came just one day after the company announced that it had raised its IPO price from $12-$14 to $7-$9. This, of course, means that the IPO price was actually raised twice, and shares of the IPO are being sold at about twice their original price.
This is become rather typical for Internet IPOs. Priceline’s shares are soaring in trading today.