ReachLocal Shares Surge in IPO Debut

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Shares of online marketing company ReachLocal surged more than 15 percent Thursday after the company’s initial public offering priced below expectations, despite a drop in broader markets.

ReachLocal, based in Woodland Hills, Calif., sold 4.2 million shares to initial investors for $13 each, raising $54.2 million. It had hoped shares would fetch between $17 and $19.

ReachLocal Inc. helps small to mid-sized businesses target local customers. It has posted losses for the past three years, and said in a regulatory filing that it expects net operating losses for the “foreseeable future.”

&#8226 Read the full Associated Press story.

&#8226 Read the full Wall Street Journal story.

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