The initial public offering of Expedia (Nasdaq: EXPE), the online travel service owned by Microsoft, was expected to do well when it went public on Wednesday. The expectations were certainly met, if not exceeded.
Shares of Expedia, which priced at $14, closed up nearly 282 percent, rising 39-7/16 to 53-7/16. The stock opened at 38 and traded as high as 65-7/8.
This first-day performance gives the company an impressive market value of more than $2 billion. Wednesday’s trading was clearly an impressive showing for Microsoft’s first Internet IPO, and perhaps a sign that Microsoft could actually unlock a lot of value by spinning off other parts of its Internet business. Stay tuned. More Microsoft Internet IPOs could be on the way.