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Business

Paul Allen's Charter IPO launches

Charter Communications, Paul Allen's cable company, opened at 20 1/2 Tuesday after pricing its shares at $19 a pop. The company is one of the whoppers among this week's offerings, which also includes Expedia, the spin off of Microsoft's online travel business, and United Parcel Service, a back-door e-commerce stock.
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Written by Larry Dignan, Contributor on
Charter Communications, Paul Allen's cable company, opened at 20 1/2 Tuesday after pricing its shares at $19 a pop. The company is one of the whoppers among this week's offerings, which also includes Expedia, the spin off of Microsoft's online travel business, and United Parcel Service, a back-door e-commerce stock. Charter Communications (Nasdaq: CHTR), the fourth largest cable TV operator in the U.S., was up 1 13/16 to 20 13/16. The first-day performance wasn't surprising given Charter's outstanding shares. The company priced 170 million shares and analysts said that float would limit gains. Story.

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