Rediff soars 61% in first day trading on Nasdaq

In one of the most successful internet IPOs in weeks, Indian portal Rediff.com saw its American depositary receipts jump 61% in their first day of trading on Nasdaq.

Rediff.com, a popular Indian web portal, saw its stock jump 61% in its first day of trading on Nasdaq, a sparkling performance that's becoming increasingly rare for newly listed internet companies.

Mumbai-based Rediff sold 4.6 million American depositary receipts ADR for $12 each to raise $55.2 million. It is the first Indian web service to be listed on Nasdaq. The company's ADRs rose $7.03 to $19.03 yesterday, with more than 6 million ADRs trading hands. Each ADR represents two underlying Rediff shares.

Rediff, which was formed in 1996, provides information, e-mail, chat-rooms, job search sites and educational tools to Indian internet users around the world. It also sells books,...

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