Investors in initial public offerings may feel like they’re stuck in Wall Street’s spin cycle, as investment banks keep churning out more and more new tech companies looking to take advantage of the bull market for artificial intelligence and crypto.
Shares of Alliance Laundry Systems, which owns the Speed Queen brand popular in laundromats, rose 13% to just under $25 a share in late afternoon trading. The company, which sold more shares than previously planned, priced its IPO at $22, the high end of its range. Alliance Laundry raised $826 million from the stock sale and is valued at about $5 billion.
www.barrons.com
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