Shares of Zulily Inc, which runs a website that offers huge daily discounts on clothing, soared 88 percent in their debut, valuing the company at about $5.04 billion, as investors bet on niche businesses. The company's debut comes in a year that has seen the strongest market for US IPOs since 2007, as equity markets soared, helped by economic growth and the Federal Reserve's efforts to keep interest rates low.
About seven companies have doubled in value on their first day of trading this year, with many more enjoying sizeable "first-day pops". Seattle-based Zulily's shares opened at $39 and rose to $41.32 on the Nasdaq on Friday, after its initial public offering was priced at $22 per share, way above the expected range.
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