REVLON, LAUDER SHARES GAIN
NEW YORK — Revlon stock moved ahead modestly on Friday, losing some of the momentum of Thursday’s strong start on the New York Stock Exchange.
While Revlon added a respectable 5/8 to close at 28 1/4 Friday, the Dow Jones Industrials roared ahead nearly 51 points.
Estee Lauder stock, which many analysts said led the way for Revlon’s public offering, jumped 1 1/4 to close at 37 7/8.
On Thursday, Revlon stock closed 3 5/8 points above its offering price of $24. Its first trade on the NYSE Thursday was at 27 1/4.
In its IPO, Revlon sold 7.5 million shares, raising about $150 million to pay down some of its $1.3 billion long-term debt.
The Lauder issue came out last Nov. 16 at an offering price of $26 a share. Its first trade on the NYSE was at $32 a share.