AONE IPO charges car battery market

NEW YORK (CNNMoney.com) — Shares of A123 Systems, one of just a handful of U.S.-based makers of batteries for electric cars, debuted sharply higher from its offering price Thursday as investors cheered the closely watched firm.

A123’s stock, which now trades on the Nasdaq under the ticker symbol AONE (AONE), surged as high as $19.26 – a 43% jump – midday Thursday, a day after the company raised $380 million through an initial public offering.

The offering was priced late Wednesday at $13.50 a share, well above the originally proposed range, according to a Securities and Exchange Commission filing.

Buzz around the company is running high. “I heard it was standing room only at many of the presentations,” before money managers, said one person familiar with the firm.

CNN