WALTHAM, Mass. – Care.com Inc. shares are soaring in their market debut Friday.
The company, based in Waltham, Mass., runs an online service to help people find and manage family care. That includes child care, senior care and special needs care, as well as pet care, tutoring, and housekeeping.
Care.com raised nearly $91 million, pricing its offering of 5.35 million shares at $17 each, above an expected range of $14 to $16. By midmorning, its shares had gained 29 per cent to reach $21.92 while the broader markets slumped.
Care.com has also given underwriters the option purchase up to 802,500 more shares in case of strong demand.
The company’s stock is listed on the New York Stock Exchange under the ticker symbol “CRCM”.