WellCare Health Plans Inc., Tampa, Fla., got good results today from its first public stock sale.[@@]
WellCare, a company that runs health plans for Medicaid, Medicare and other government programs, raised at least $124 million by selling 7.3 million shares of common stock to the public at an initial price of $17 per share.
Buyers bid up the price during the day, and the stock closed at $19.54 per share. The closing price is about 15% higher than the initial public offering price.
The stock is listed on the New York Stock Exchange under the symbol WCG.