Wednesday, January 26, 2011
Demand Media Surges In IPO Debut
Santa Monica-based Demand Media surged in its IPO debut Wednesday morning on the NYSE, rising as high as $25.00 in morning trading. The firm was hovering around $23.00 just before 9am, after opening up at $17.00 in its IPO debut earlier in the morning. Demand Media, which is headed by Richard Rosenblatt, operates a network of content focused sites, including LiveStrong.com and eHow. The enthusiastic reception for Demand's IPO follows similar strong showings from Southern California firms such as RealD, Green Dot, ReachLocal, and others this year. Demand's IPO debut also was helped by a surge in the Dow, which hit 12,000 for the first time in two and a half years. Demand Media is now trading on the NYSE as DMD.