Houghton Mifflin Harcourt‘s IPO had a modest start on Tuesday night, when the company priced their stock at $12 a share — below the planned target range of $14 to $16 a share, reflecting a softer reception from investors. But those shares popped when trading began at roughly 10:50 Wednesday morning on the NASDAQ, rising 30 percent or more before settling back to roughly $15 a share when we were finalizing the morning’s mail. The reduction in proceeds from the initial sale has no impact on the company, since all the money raised goes to the existing shareholders, who were selling […]
